The stock was down around 13%, threatening to wipe almost $163 billion off its market value, as investors looked beyond bumper first-quarter earnings to focus on the huge costs to the company of building an AI future.
While the payoffs could be huge, Meta's most recent earnings underscored that building the best tools is costly and will take time.
For all Meta's bold AI plans, it can't afford to take its eye off the nucleus of the businessâit's core advertising activities.
Meta said full-year capital expenditure would be in the range of $35-40 billion, up from previous guidance of $30-37 billion, as it continues to accelerate infrastructure investments to support AI.
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