Meta Platforms (META) just reported the quarter that many investors had been worrying about for months. While the company's AI strategies are making its advertising business boom, its relentless AI spending has started to overwhelm its earnings power. In the second quarter, revenue grew 28% year-over-year (YOY) to $60.8 billion, while Family of Apps advertising revenue rose 27% to $59.4 billion. However, earnings per share plummeted 13% to $6.18 per share from the year-ago quarter, as soaring AI-related spending weighed heavily on profitability. Now, Meta is also investing aggressively in next-generation AI models to bring Meta AI into the market as a personal assistant.