Meta stock is rising because its AI money pit isn't so deep

Category: Business

Meta's second-quarter revenue reached $39 billion, surpassing expectations. The company spent $8.4 billion on capital expenditures, less than the anticipated $9.2 billion, while its Reality Labs division reported a loss of $4.48 billion. CEO Mark Zuckerberg expressed confidence in Meta AI's growth, predicting it will become the most used AI assistant by year-end. Despite concerns over rising AI costs, Zuckerberg believes investments will yield results soon, although regulatory challenges have impacted some AI tool releases.

Keywords: Meta, AI investments, revenue report

Source: Quartz

Update At: 8/1/2024

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