Meta Projects Sharply Higher Spending to Build Artificial Intelligence Infrastructure
Meta announced a substantial spending increase to fund artificial intelligence infrastructure. The company also confirmed layoffs at its Reality Labs unit.
Insights:
Meta Platforms, Inc. forecast annual capital expenditure of between $115 billion and $135 billion, compared with $72.22 billion a year earlier. Shares of the company fell about 2% in extended trading following the announcement. This surge in spending reflects a significant commitment to building infrastructure for the artificial intelligence race currently unfolding across Silicon Valley.
