Meta Shares Fall as Frustration Grows Over AI Spending Plans

Meta Shares Fall as Frustration Grows Over AI Spending Plans

Meta shares plunged 11% on Wednesday as investors expressed frustration over the company's promise to keep spending on artificial intelligence (AI) projects despite dwindling profits. The company's revenue grew 28% from a year ago to $61 billion. Meta's CEO, Mark Zuckerberg, has been touting the benefits of AI, but investors are growing concerned about the company's spending habits. The company's AI spending plans have been a major focus of its quarterly earnings reports, and investors are starting to question whether the company's investments in AI will pay off in the long run.