Investors look to Meta event for next stock rally catalyst

Meta's annual Connect conference kicked off on Sept 25, with industry buzz around the reveal of a prototype augmented reality eyewear product, plus the usual star turn by chief executive Mark Zuckerberg. Attendees want to hear the CEO's latest updates on artificial intelligence applications and investment.

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Meta Platforms investors have already had a rewarding year. Now, their attention is on an event this week for insights into where the stock's record-breaking rally is heading next.

Meta's annual Connect conference kicked off on Sept 25, with industry buzz around the reveal of a prototype augmented reality eyewear product, plus the usual star turn by chief executive Mark Zuckerberg. Attendees want to hear the CEO's latest updates on artificial intelligence (AI) applications and investment.

Shares of the company have gained more than 13 per cent from a trough in early September, hitting an all-time high close last week. Only Nvidia Corp has fared better among the Magnificent Seven cohort than Meta's almost 60 per cent advance in 2024.

“Part of the reason why the stock has done as well as it has, is (it's) one of the few that is tangibly benefiting from AI usage,” said Mr Michael Sansoterra, chief investment officer at Silvant Capital Management.