Meta spent $8.5 billion on AI infrastructures and raised spending forecast to $37-40 billion. Revenue for the second quarter was $39.1 billion, with profits rising to $13.5 billion, driven partly by a strong ad business.
Following initial enthusiasm for AI, Wall Street questions its revenue potential. Meta faces scrutiny for heavy spending on virtual reality and AI projects, including cutting an unsuccessful AI initiative involving famous characters for messaging apps.
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