Meta Platforms just had the kind of week that makes portfolio managers forget about all those awkward metaverse years. Shares closed at $669.21 on July 10, capping a roughly 15% weekly gain that represents the company’s strongest five-day performance since early 2024.
The stock surged approximately 6% on July 10 alone. That single-day move added about $12 billion to CEO Mark Zuckerberg’s net worth.
What’s driving the rally
On July 7, Meta Superintelligence Labs launched Muse Image, an AI image generation tool. Two days later, the company rolled out upgrades to its Muse Spark model.
Reports surfaced that Meta plans to begin production of its custom “Iris” AI chip in September 2026. The chip is expected to double the company’s computing capacity.
