Shares in Meta are up more than 5 percent in premarket trading, even after the parent of Facebook and Instagram said it had increased spending on A.I. and other projects by 33 percent from a year ago.
Mark Zuckerberg made no apologies about the big spend. I'd rather build capacity before it is needed rather than too late, he told analysts on Wednesday.
Meta executives said they expected capital expenditures to reach at least $37 billion this year, up from $35 billion (but no more than $40 billion), emphasizing A.I. investments to bolster the ad business.
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