Tech stocks today: Meta stock jumps after company agrees to settle social media case

Meta's stock surged after the company agreed to settle a social media addiction case with state attorneys general on Wednesday. The trial was in its second week before reaching a resolution. The settlement stems from allegations from 29 states that Meta's Instagram and Facebook apps were designed to addict young users and harvest data from children under 13.

Meta denied the allegations and agreed to pay up to $16.68 billion. In a statement, Meta emphasized the importance of ensuring a safe and productive experience for teens on its platforms. The company has agreed to implement several safety features, including hard caps on daily time limits and "Productive Pauses" for children. If other platforms follow suit, the daily time limit could be reduced to 60 minutes for the next ten years.

Other tech giant Nvidia also reported strong earnings on Wednesday, exceeding expectations and providing a better-than-expected outlook for the third quarter.