Wall Street Surges: Meta's AI Layoffs Drive Market Rally Amidst Global Tensions

Wall Street's main indexes prepared to open higher on Monday, with Meta's shares among the leaders after reports indicated the company is planning significant AI-induced layoffs. Despite ongoing Middle East conflicts keeping crude prices high, investor interest remains high in tech stocks, including AI-focused firms.

Meta rose 3.2% in premarket trading following a Reuters report detailing its plan to cut over 20% of its workforce to manage the financial impact of AI infrastructure. This move aligns Meta with similar workforce reductions by Amazon and Block as companies adapt to AI efficiencies.

The focus on AI continues this week, with Nvidia hosting its annual developer conference and Micron releasing earnings results. Chip makers Nvidia and Micron saw their stock prices rise after RBC revised its price targets. Tesla climbed after CEO Elon Musk announced the imminent launch of the company's AI chip project.