Meta's stock tanks 15 per cent as AI spending rises, revenue outlook fails to impress
by @cityam
@cityam— Shares of Meta, the parent company of Facebook and Instagram, experienced a significant drop of more than 15 per cent during after-hours trading.
Fortune—Meta’s stock sags under the weight of aggressive AI spending. Meta has been spending insistently to compete on AI against other tech peers like Microsoft and Alphabet.
Kiplinger—Meta Stock Slides as AI Spending Ramps Up: What To Know. Meta stock plunged after the Facebook parent increased spending on artificial intelligence and the metaverse.
Marketwatch—AMD boosts its outlook for AI revenue, but stock still falls. AMD lifted its outlook for its MI300 AI accelerator product, which is now expected to drive upwards of $4 billion in revenue this year.