Meta Shares Jump 6% on Report of New AI Cloud Business

Shares of Meta Platforms jumped more than six percent on Wall Street Wednesday after a report said the social media giant is preparing to launch a cloud computing business that would sell AI computing power to outside customers.

The report, published by Bloomberg, said Meta is developing plans to compete directly with Amazon Web Services, Microsoft Azure and Google Cloud by monetizing the excess computing capacity it has built up while racing to develop artificial intelligence.