Stock Market Today, July 1: Meta Surges on Reported Plan for AI Cloud Business

Meta Platforms surged 8.88% on reports of developing a cloud business to monetize excess AI computing capacity. The initiative could reframe the company's massive capital expenditure ($125-145 billion through 2026) as a revenue source rather than just a cost. While the S&P 500 and Nasdaq declined slightly, Meta's peers Alphabet and Snap also gained.