Meta's AI investments and ad revenue surge drive stock growth.

Meta Platforms Inc.'s digital advertising sales rebound has allowed the company to invest in speculative businesses like artificial intelligence and virtual reality. The company reported quarterly revenue and user growth that beat analysts' estimates, and CEO Mark Zuckerberg said that generative artificial intelligence was going to "impact every single one of our apps and services." Meta's stock has climbed 74% this year, recovering from its worst year on record with a 64% decline in 2022. The company is still willing to hire in a few key areas, such as generative AI, while cutting costs in what Zuckerberg has dubbed the "year of efficiency."