Meta Platforms Inc Shares Rally 2.8% to $677 on Layoffs, AI Capex Shift

Meta Platforms Inc shares surged 2.8% to around $677 after announcing 10% workforce cuts (~8,000 jobs) and halting hires for ~6,000 open roles to prioritize AI amid $125 billion capex plans. This echoes the 2022-23 'Year of Efficiency' that drove 69% net income growth to $39.1 billion and lifted operating margins from 25% to 35%. Analysts see potential for margin gains and AI competitiveness, boosting sentiment despite lags in some LLM investments, with markets reacting positively on execution hopes.