If pre-market gains hold, Meta is said to increase its market value by about $60 billion. The rise also increased the value of other internet firms by up to 3.3 percent, from Snap Inc. and Pinterest Inc. to Amazon.com Inc.

The stock price of the company increased by 12 percent as a result of investors' enthusiasm, which has already helped the social media giant nearly double in value this year, and Meta's focus on AI and cost-cutting.

“If you want to be treated and valued like a growth stock, you need growth! And this is precisely what Meta delivered returning to growth … just as questions around a potential recession get louder,” Bernstein analyst Mark Shmulik said.

Shmulik was one of the 27 analysts to raise Meta's price target, bringing the median estimate up to $270 and adding almost 30 percent to the stock's gain over the course of the year, leading gains among Big Tech companies.

The latest indication that American IT companies were emerging from a downturn that has resulted in tens of thousands of layoffs was the fact that Meta surpassed estimates for first-quarter profit and revenue, which increased for the first time in nearly a year.

The outcomes also highlighted the growing significance of AI, according to CEO Mark Zuckerberg, who claimed the technology was assisting in increasing traffic to Facebook and Instagram as well as ad revenue.

“We believe AI has played a crucial role in shifting Meta from showing a more limited set of friends, family, and followed content to an almost unlimited set of recommended content now available in Reels and Feed,” J.P. Morgan analysts said.

The company, which has undergone a number of costly overhauls to support its main business, is no longer behind in developing its AI infrastructure, according to Zuckerberg.