05:58:23 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



Meta CDR (CAD Hedged)
Symbol META
Shares Issued 7,400,000
Close 2024-05-02 C$ 24.73
Market Cap C$ 183,002,000
Recent Sedar Documents

FP/wire say Meta, rivals AI efforts good for utilities

2024-05-02 08:00 ET - In the News

Also In the News (C-GOOG) Alphabet Inc CDRs (CAD Hedged)
Also In the News (C-MSFT) Microsoft CDR (CAD Hedged)

The Financial Post reports in its Thursday, May 2, edition that investors who are interested in getting in on the artificial intelligence boom in the stock market are finding an unusual opportunity in an unexpected sector: utilities. A Reuters dispatch to the Post reports that everyone from computer equipment manufacturers to car companies are trying to position themselves as players in the AI field. The latest stock market rally is being driven by the promise of AI, as was evidenced last week. On April 25, the shares of Meta had their worst performance since October, 2022, after the company announced that it would be spending more than expected on AI development. Then, on April 26, Google parent Alphabet saw its market valuation surpass $2-trillion, and Microsoft's stock also rose after the companies reported progress in their AI efforts. However, developing and running AI technology requires an enormous amount of energy, and this is where utilities come in. Unisys vice-president Manju Naglapur says: "Power demand from data centres has already been humongous, then came the AI hype and the need for power skyrocketed. With all the money spent on data centres, the power consumption will increase massively."

© 2024 Canjex Publishing Ltd. All rights reserved.