Meta Platforms Spent $6.7 Billion on Artificial Intelligence (AI) Data Centers Last Quarter, but It Spent Twice as Much on This 1 Thing
Meta Platforms (NASDAQ: META) is all-in on artificial intelligence.
Following the launch of its Llama 3 large language model and Meta AI chatbot, CEO Mark Zuckerberg said, "We're in a place where we've shown that we can build leading models and be the leading AI company in the world." That's led him and the management team at Meta to increase the company's budget for capital expenditures, mostly related to AI data centers.
Alongside its first-quarter earnings release, Meta raised its full-year capital expenditure outlook to $35 billion to $40 billion, up from $30 billion to $37 billion. That came after it spent $6.72 billion in the first quarter.
Source Fool.com