Mag-7 Daily Morning Call - Meta to Cut Expenses on Metaverse for AI Development
$Meta Platforms (META.US)$ closed 3.43% higher to $661.53 after the company was reported to cut 30% of its expenses on metaverse and shift the budget to AI development and the VR glass. As metaverse was long perceived as a business that is less profitable, the market reacted positively on its budget focus shift. However, on technical side, the share price is still getting resisted by 20-day and 50-day MA as the company immediately gave up the gains partially after gapping up to the 50-day MA level.
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Daily Leverage Certificates (DLCs) offer 3x/5x/7x leverage on indices & single stocks. Find out more at dlc.socgen.com
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