Meta stock surges 12% as report says AI chip production could begin this year

Meta Platforms shares surged nearly 12 percent to 677 dollars on Nasdaq after a Reuters report said the company plans to begin manufacturing its custom AI chip, codenamed Iris, from September with partners Broadcom and TSMC. The chip is part of Meta's four-generation MTIA programme to design AI processors in-house, aimed at reducing dependence on Nvidia and AMD and lowering its massive computing costs. Meta expects to spend up to 145 billion dollars on AI infrastructure this year, with shares up 20 percent so far in July after an 11 percent decline in June.