The stock market closed higher on Friday as investors awaited developments from debt-ceiling negotiations. In addition, optimism on Artificial Intelligence boosted tech stocks.
Overall, S&P 500 gained 1.3% to 4,205, while NASDAQ rose 2.2% to 12,976.
Tweet of the Day
Generative Fill, a new superpower integrated throughout Photoshop, launching in beta today.
Powered by Firefly, our generative AI family of models, Photoshop now let’s you summon new objects and augment creations layer by layer. Saves time, increases possibility, and pretty 🤯 pic.twitter.com/ARxhclFshO
— scott belsky (@scottbelsky) May 23, 2023
Chart of the Day
Here is the one-year chart of Meta Platforms (META) as of May 10, 2023, when the stock was at $233.
Meta Platforms, formerly Facebook, builds applications that enable people to connect and share with friends and family through mobile devices, personal computers, reality headsets and in-home devices.
META stock has been riding high since last November even though profits are still weak. The company delivered -19% profit growth last quarter as revenue increased 3%.
Management has been cutting costs to improve future profitability, and has gone through 2 of the 3 waves of restructuring and layoffs.
Reels, which short videos done in portrait view, are growing rapidly on Facebook and Instagram with people resharing more than 2 billion times every day. The company is also into AI, with more than 20% of content in people’s Feeds recommended by AI from places the user doesn’t follow. META has launched Advantage+ which uses AI to automate the campaign creation process. This has lowered campaign costs by 12%.
META is on the radar for the Growth Portfolio.
