Excitement surrounding artificial intelligence (AI) helped fuel the Nasdaq Composite by over 40% last year. In particular, the "Magnificent Seven" stocks played a major role in soaring markets during 2023.

One member of the club, Meta Platforms (NASDAQ: META), spent much of 2023 rightsizing its business by getting costs under control and returning to accelerated growth in its core advertising business. The strategy appears to be working, and investors are cheering on the company.

After surging over 190% last year, Meta has gotten off to a hot start in 2024. Following its fourth-quarter earnings report, Meta regained entry into the coveted trillion-dollar market cap club -- joining tech cohorts Microsoft, Apple, Alphabet, Nvidia, and Amazon.

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Source Fool.com