Meta Platforms Inc (NASDAQ:META) is sitting out the broader tech rally today, down 4.1% to trade at $578.19. An internal memo reviewed by Reuters indicatedthe company may spend up to $145 billion on AI infrastructure this year. The aim is to double computing capacity by 2027, and plans to begin manufacturing its 'Iris' chip in September.
META is now down 12.6% in 2026 and back below $600, with recent rallies turned away at a confluence of moving averages. Longer term, the shares are down nearly 21% in the last 12 months, carving a channel of lower highs.
Options bulls are steadfast. META's 10-day call/put volume ratio of 2.21 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 86% of readings from the past year.
Echoing this, the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.51 sits in the 6th percentile of its annual range, which indicates a heavy preference for calls among short-term traders.
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