Meta wins back Wall Street with AI promises

FILE PHOTO: A blue verification badge and the logos of Facebook and Instagram are seen in this picture illustration taken January 19, 2023. REUTERS/Dado Ruvic/Illustration

(Reuters) - Meta Platforms Inc is a Wall Street darling again.

The company's shares extended their winning streak on Thursday, surging nearly 14% after Meta's focus on AI and cost-cutting cheered investors whose enthusiasm has already helped the social media behemoth nearly double in value in 2023.