shares plunged more than 8% in the after market as it said it plans to invest between $130 billion and $145 billion on AI this year. Revenue for the three months ended in June, however, jumped 28% from the year before to $60.8 billion. That beat forecasts as advanced AI boosts Meta’s key digital advertising business, which accounts for almost all of its sales. Meta began to ramp up aggressively after hiring Alexandr Wang to head its renamed Meta Superintelligence Labs in June 2025, including a $14.3 billion investment in his startup, Scale AI. Higher rates hit consumers and companies across the board but big tech especially hard given the level of new investment.