Tech stocks are prone to rapid boom-and-bust cycles. Those who observe the tech market closely are often eager to compare companies and trends to the tulip mania that engulfed 17th century Holland, when tulip bulb prices shot up to stratospheric levels for no discernible reason.
Whatever you’d call the opposite of that is what social media behemoth Meta is looking like right now.
This was a company written off last year amid a fierce market selloff, ostensibly because of its over-reliance on advertising in a weakening economy. And barely 24 hours ago, a flustered Mark Zuckerberg was humiliated in US Congress for the role his platforms Facebook and Instagram played in online child abuse scandals.
But after Meta’s earnings were released Friday morning Australian time, Zuckerberg is suddenly the darling of Wall Street again.
