Yesterday, $Meta Platforms(META.US) released two major pieces of news in a row, sending its stock price soaring:

First, Meta signed a long-term agreement worth $21 billion with AI cloud computing company CoreWeave, securing AI computing power supply until December 2032—this is a significant expansion on top of the previous $14.2 billion contract. Zuck is really willing to spend big on computing power.

Second, Meta officially launched its new large AI model "Muse Spark," from its Superintelligence Labs, specializing in complex reasoning tasks. It will be gradually integrated into Facebook, Instagram, and WhatsApp. This is the first major product led by Meta's Chief AI Officer, Alexandr Wang.

Today, the stock opened at $606, reaching an intraday high of $629.95. Combined with the 6.4% gain on April 8th due to the Muse Spark announcement, the rally over these two days has been quite strong.

In terms of fundamentals, Meta's full-year 2025 revenue was $200.9 billion, a 22% year-over-year increase, with free cash flow of $43.5 billion. The advertising business remains a cash cow.

Risks: The 2026 capital expenditure guidance is as high as $115 billion to $135 billion, raising market concerns about the return timeline. The Q1 earnings report on April 28th will be the next key milestone.