APP is trading at $543.84 (5.76% up) following reports that Meta is no longer expected to bid on non-IDFA iOS traffic, a move seen as significantly reducing competitive pressure on the company's advertising business.
- The gains are carrying through into the May 27 session, extending a sharp rally from the previous day as investors re-rate the stock based on improved market conditions.
- With no major macro drivers evident, the move is being attributed to the company-specific competitive catalyst alongside generally supportive tech sector sentiment.