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Meta shares fall as frustration grows over AI spending plans
['Kahawatungu Reporter']
Kahawatungu
Meta shares plunged on Wednesday as investors balked at its promise to keep spending on artificial intelligence (AI) projects while profits dwindle.
Susan Li, Meta’s chief financial officer, told financial analysts that selling its tech to other companies would help it drive returns on its AI spending.
“I get that this is a big bet across the industry,” Zuckerberg said of AI spending.
He said on the call that Meta’s AI abilities and models were driving engagement on Instagram and Facebook and boosting the ability of smaller businesses to create advertising.
Zuckerberg added that the company was developing AI agents, or AI chatbots that act somewhat autonomously.