The company just crushed Wall Street's earnings expectations, fueled by AI-driven efficiency gains in its thriving ad business.

And with Microsoft shares up by 9% and Meta gaining 11% before the open, the S&P 500 would have a hard time being anything but up today. In fact, that index is gaining nearly 1% in premarket futures trading. The Nasdaq, of which both Microsoft and Meta are also members, is up more than 1%.

Meta Platforms (NASDAQ:META) stock has had a solid run since hitting a bottom in April, climbing 44%. Investors have been riding the momentum, but