OpenAI's release of ChatGPT in late 2022 kicked off the ongoing AI investment race, and every major tech company has since launched a consumer-facing AI chatbot of their own. Meta has Meta AI, Google has Gemini. Instead, this batch of earnings results made clear that companies like Google, which is owned by Alphabet, and Meta are currently spending much more money related to AI tools than they bring in. Meta's free cash was just $784m on $61bn of revenue, meaning it spent almost as much money as it made during the quarter. Meta's Reality Labs, which is responsible for its AI work, lost nearly $9bn in the first half of this year.