#ai-initiatives

#ai-initiatives

Shares of Meta Platforms sank despite the social media company reporting strong third-quarter results that easily topped analyst estimates, as investors fret over its capital expenditures (capex) spending. The company said it needs more computing power for its artificial intelligence (AI) initiatives, and as such raised the low end of its capex budget this year from a prior outlook of $66 billion to $72 billion to a new range of $70 billion to $72 billion. It also expects a big increase next year as well.

Bumble's total paying users dropped 8.7 percent to 3.8 million in the second quarter, raising concerns about the effectiveness of its improvement strategies and AI initiatives.