Meta shares drop 7.5% to $644.30 amid $145B AI spending
Business
Meta (yes, the company behind Facebook and Instagram) just saw its stock drop 7.5% to $644.30, even though it actually beat Wall Street's expectations for the third quarter.
The main reason? Investors are uneasy about how much Meta is spending on artificial intelligence, with the company bumping up its yearly spending forecast to as much as $145 billion.
Mark Zuckerberg moves Muse into apps
Mark Zuckerberg says Meta is doubling down on Muse, Meta's in-house AI agent, moving it from business tools into everyday apps.
To help fund this AI push (and pay employees), Meta will start trading a new class of shares in January.
On the bright side: ad impressions jumped 10%, prices went up 14%, and earnings per share hit $3.83.