The parent company of Facebook and Instagram continues to exceed expectations for ad sales. Analysts are less sure about its big swings.

Meta raced to a new all-time high on Wall Street, with the parent company of Facebook and Instagram seeing its share price increase 13%

In a new open letter, Mark Zuckerberg wrote that he is “extremely optimistic” that super-intelligent AI will play a major role in moving humanity forward. And unlike some other big players in the AI industry,

If the company’s core business continues growing at the current rate and its Superintelligence efforts gain traction, “there’s no telling what the ceiling is for Meta,” Bernstein analysts said.

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.

Meta Platforms also reported earnings after Wednesday’s close. Coming into the earnings, the option market had priced the straddle at 42 points, or 6% of the stock price. That straddle price was cheaper than six of the past 10 post-earnings moves by Meta — meaning that the odds were theoretically slightly in favor of buying the straddle.