Meta shares dropped 2.1% to close at $220.18 on Tuesday. The company is now worth less than chipmaker Nvidia, which closed at $627 billion. Meta's market cap dropped to $599 billion on Tuesday, while Nvidia's closed at $627billion.
Nvidia beat analyst expectations for sales and earnings, but the stock dropped more than 10% in extended trading at one point. The chipmaker gave a light forecast for the current quarter. CEO Jensen Huang said that the company was facing a “challenging macro environment”
Jack Dorsey has left Twitter's board of directors. The departure was planned. Dorsey played a key role in the sale of Twitter to Elon Musk. The sale was approved on April 25 by the company's board. The move means all of Twitter's founders have now severed official ties with the company.
Microsoft and Meta extend their AI partnership. Meta will use Microsoft's Azure cloud to accelerate its AI research and development. Microsoft also announced a new Arm-based dev kit running on the Qualcomm Snapdragon platform. Microsoft's OpenAI service is now available in preview for preview.