Meta plans up to $145bn in AI spending despite layoffs
Business
Meta is planning to spend up to $145 billion by 2026 to boost its artificial intelligence (AI) game, even though it's also planning layoffs to cut costs.
Despite the shakeups, daily active users rose 4% to 3.56 billion.
Meta expects $243.46B net ad revenue
Meta is set to overtake Alphabet as the world's top online advertiser, expecting $243.46 billion in global net ad revenue this year, excluding traffic acquisition costs.
The company is rolling out AI tools and ad automation tools like Advantage+ and expanding ads on WhatsApp and Threads.
Still, after news of higher spending and job cuts dropped, Meta's shares fell 5%, showing investors are a bit uneasy about all-in spending on AI right now.