Meta raised its 2024 capital expenditure forecast as its infrastructure expands for AI projects. This increase comes as Meta accelerates its data center and AI computing capacities, driving rising costs. Meta’s spending includes substantial investments in Nvidia GPUs, with further cost growth expected in 2025. Meta’s share price fell in extended trading, reflecting investor concerns over user growth and rising expenses. Meta's augmented reality unit reported a loss of more than $4 billion for the quarter.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Meta raised its 2024 capital expenditure forecast as its infrastructure expands for AI projects.
00:08This increase comes as Meta accelerates its data center and AI computing capacities,
00:13driving rising costs. Meta's spending includes substantial investments in NVIDIA GPUs,
00:19with further cost growth expected in 2025. Meta's share price fell in extended trading,
00:24reflecting investor concerns over user growth and rising expenses.
00:28Meta's augmented reality unit reported a loss of more than $4 billion for the quarter.