Shares of Meta sank nearly 15 per cent early Thursday, sparking a selloff in big tech stocks, after it revealed big spending plans for AI.
The chief executives of the world's biggest social media sites, such as Facebook, Instagram, and TikTok were on the hot seat on Capitol Hill, where U.S. Senators accused the tech titans of failing to protect children from abuse, exploitation, and bullying.
Meta CEO Mark Zuckerberg, who floored Wall Street last year with his cost-cutting drive, said on a post-earnings call that costs would grow “meaningfully” over the coming years before the company makes “much revenue” from some of its AI products. The dour expectations follow a series of smash-hit earnings that helped Meta nearly triple its stock in 2023 and powered the biggest one-day market value gain by any company in Wall Street history, of $196 billion, in February after its maiden dividend.
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