In the midst of an artificial intelligence spending spree, Meta posted stronger-than-expected results for the second quarter, buoyed by growing ad revenue even as its expenses increased.

Meta's strong earnings report sent its stock soaring after hours. The company also made it clear that the AI talent wars come with a hefty price tag.

At last glance, META stock is up 12.48% to trade at $782.71, on track for its best single-session gain since April 9. In response, 35 brokerages have issued price-target hikes, the highest coming from Rosenblatt Securities to $1,