While Wall Street has been nervous about ad spending from big corporate clients, Alphabet's better-than-expected earnings last week helped diminish those concerns. But the case for Meta is even stronger since the company has 3.

Shares are down by 19%, hit by the one-two punch of the Trump administration's crackdown on AI chip exports to China and fears of capacity overbuilds in the US. The read-through to Nvidia has been that while it will still likely have a big year financially, growth rates may not be at the stellar pace delivered in 2024.