Data-center suppliers get boost as Facebook parent Meta hikes capex for AI
Shares of data-center equipment providers jumped in the extended session Wednesday after Facebook parent Meta Platforms Inc. undefined hiked its capital...
Shares of data-center equipment providers jumped in the extended session Wednesday after Facebook parent Meta Platforms Inc. hiked its capital expenditure budget. Nvidia Corp. shares rallied 3.9% after hours, while Advanced Micro devices Inc. shares rose 2.4%, Marvell Technology Inc. shares surged 3.8%, and Intel Corp. shares rose 1%. In its earnings report, Meta said it expects 2022 capex of $32 billion to $33 billion, up from the prior range of $30 billion to $34 billion. For 2023, Meta expects capex in the range of $34 billion to $39 billion, "driven by our investments in data centers, servers, and network infrastructure,"...