Amazon (AMZN) and Meta (META) Soar After JPMorgan Hails Them as ‘Top Internet Picks’

Meta Platforms plans to issue non-voting Class C shares to raise hundreds of billions for AI investments, starting as early as fall 2026. The move aims to secure capital before competitors absorb available funding. Existing shareholders will receive one non-voting share per share held, with the change effective January 19, 2027. Meta's management forecasts indicate significant capital needs over several years, according to a securities filing.

Louisiana groups sued the Public Service Commission over its 'Lightning Speed Initiative,' alleging lack of transparency in fast-tracking power projects for Meta's $50B Hyperion data center. Plaintiffs claim the commission violated the state constitution by not providing adequate public notice. Entergy Louisiana seeks $14B in energy infrastructure approval, with concerns raised about potential rate increases for consumers.

Meta, Google, and TikTok sued California over AB 1709, a law restricting addictive features for users under 16. The law, set to take effect in 2027, imposes penalties up to $50,000 per violation. The companies argue the law infringes on their editorial decisions and First Amendment rights, with each focusing on their own platforms. A court victory may not protect other companies from the law's provisions.

Amazon (AMZN) plans to launch 40 satellites on ULA's Vulcan rocket on November 13, beginning a 38-mission partnership to expand its satellite-internet venture.

Meta (META) shares rose 4.61% after announcing expanded AI-based age verification for Instagram users, categorizing some as teens with enhanced protections. The move follows criticism and lawsuits over child safety. Analysts have a Strong Buy rating with a $859.32 price target. Financial impact and accuracy of age estimates remain unclear.

Meta AI Research launched Muse Ember, a smaller, cost-efficient model for repetitive agent and coding tasks. Priced at $0.10 per million input tokens and $0.50 per million output tokens, it is designed for tool calls, coding subtasks, and workflow automation. Meta claims Ember outperforms competitors like GPT-6 Luna and Claude Haiku 5.5 in cost efficiency and reasoning tasks. Early tests by Cloudflare and You.com showed improved speed and lower latency.