Meta's 2.32% Slide and $14.65B Volume Rank Third as Cost Cuts and Restructuring Spark Caution

On October 1, 2025, Meta (META) closed at a 2.32% decline, with a trading volume of $14.65 billion—the third-highest on the day. The stock’s performance followed a series of strategic updates and operational adjustments impacting investor sentiment. Analysts noted that the move reflected a recalibration of market expectations for near-term growth metrics.

Recent developments highlighted Meta’s ongoing efforts to optimize its AI infrastructure costs, with internal reports indicating a shift toward more energy-efficient data centers. While the company reaffirmed long-term investment in metaverse initiatives, short-term focus on cost discipline appeared to temper immediate valuation optimism among traders.

Operational adjustments included a restructuring of its Reality Labs division, aiming to streamline research expenditures while maintaining core product innovation. These measures were described as part of a broader strategy to align spending with evolving user engagement trends, though some stakeholders expressed caution over potential trade-offs in R&D velocity.

To run this back-test accurately I need to clarify a few practical details and assumptions: 1. Universe • Do you want to rank all U.S. listed common stocks each day, or only a defined universe (e.g. S&P 1500, Russell 3000, NASDAQ + NYSE, etc.)? 2. Execution price • The usual implementation is: – Form the ranking on today’s close using today’s volume, – Buy at the next day’s open, – Liquidate at that day’s close. • Please confirm this (or let me know if you prefer another convention). 3. Portfolio construction • Equal-weight the 500 names each day? 4. Transaction cost assumptions (commission + slippage) • If you have specific numbers in mind, please provide them. Otherwise I can apply a typical low-friction U.S. equity cost (e.g. 2 bp each side). 5. Capital base • Assume $1 million initial capital (results scale linearly). OK? Once these points are confirmed I’ll generate a data-retrieval plan and run the back-test.