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Meta sounds profit warning as AI spending soars
Meta CEO Mark Zuckerberg has sounded a warning to investors that it will take considerable time before any significant returns are made on generative artificial intelligence (AI).
The chief of Facebook, Instagram, and Whatsapp has braced expectations for lower profits for the foreseeable future as he strives to keep pace with the likes of OpenAI, Microsoft, and Google in the rapidly evolving AI race. On Wednesday (24 April), Meta posted a revenue increase of 27% and witnessed its profits double over the first quarter, but that has not allayed investor fears as Zuckerberg continues his spending spree on AI. A bullish Zuckerberg told analysts Meta “should invest significantly more over the coming years to build even more advanced models and the largest scale AI services in the world”.
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