Three of the biggest US tech giants—Microsoft, Meta, and Google—sent investors a blunt message when they reported quarterly earnings on Wednesday: Their lavish spending on AI infrastructure is only just getting started.
Meta said that its capital expenditure would total between $70 billion and $72 billion this year, up from its previous lower forecast of $66 billion to $72 billion. Meta’s chief financial officer Susan Li said that she expected the company’s spending would be “notably larger” next year. The social media giant’s soaring investment matches its soaring revenue: Meta reported raking in $51.24 billion last quarter, up 26 percent year-over-year.
CEO Mark Zuckerberg said the company would keep pouring money
→ Continue reading at WIRED
