Meta shares fall 11% as AI spending plans grow
Meta's shares plunged on Wednesday after investors reacted negatively to its increased spending plans for artificial intelligence projects. The company announced a 14% drop in its profits, reaching $6 billion, during the period from April to June. Meta now plans to spend between $130 billion and $145 billion this year, mostly on AI.
Lost in this story? That's the point of BriefTea.
Open it in the app and tap Learn from this — the Knowledge Galaxy turns the story into a map of everything it assumes you know, one tap at a time. Free, no ads, no paywall.
Get BriefTea on the App Store