Meta Shares Surge 15% Weekly as Iris Chip Enters September Production

Meta shares have rallied sharply to turn positive for 2026, surging about 15% this week and leading the Magnificent 7 after multiple AI catalysts. The advance began July 1 when Bloomberg revealed plans for a Meta Compute cloud business to monetize excess capacity, lifting shares nearly 9%. Momentum accelerated July 9-10 after Meta launched paid agentic model Muse Spark 1.1 and confirmed Iris AI chip production starts in September via Broadcom and TSMC, with 2026 capex guided at $125-145 billion to double compute to 14 GW by 2027. Investors now view the heavy spending as a path to lower Nvidia reliance and new high-margin revenue.