PREVIEW

On Jan. 24, Meta closed at $390 a share to pass $1 trillion in market cap, CNBC reports. The last time that the company surpassed $1 trillion in market cap was in 2021 under the Facebook name. That was also the first time the company reached the milestone. Meta's improved stock performance follows a surge of almost 200% last year. The surge came as CEO Mark Zuckerberg implemented cost-cutting tactics such as laying off over 20,000 people. Zuckerberg referred to 2023 as a "year of efficiency," CNBC reports. The CEO recently announced that Meta will acquire 350,000 H100 Nvidia graphics cards by the end of 2024 in addition to "almost 600k H100 equivalents of compute if you include other GPUs" . Meanwhile, Microsoft hit a market cap milestone on Jan. 24 as well, briefly passing $3 trillion.

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