Meta raised its capital-expenditure forecast, but it’s also posting strong enough revenue growth to support that spending.

Meta said it plans to raise its capital spending this year to $64 billion to $72 billion to speed up AI capacity.

Meta reported first-quarter sales of US$42.31 billion ($66.2 billion), beating Wall Street estimates of US$41.4 billion, with earnings per share of US$6.43 versus US$5.28 expected, according to LSEG data.

Meta Platforms unveiled the very first true artificial intelligence independent app, Meta AI. This is at the threshold of a big shift in the AI direction of the

Facebook owner Meta Platforms has launched a stand-alone artificial-intelligence app, becoming the latest technology giant to enter a field already facing intense competition.

Meta Platforms Inc. released a new standalone artificial intelligence app on Tuesday in a bid to compete with other popular chatbots like OpenAI’s ChatGPT.

Shares in artificial intelligence and cloud-computing-related companies were rising sharply in late trade on Wednesday after Meta Platforms and Microsoft results beat Wall Street expectations.

West Coast tech giants Microsoft and Meta both exceeded analyst forecasts in first-quarter earnings reports Wednesday.

U.S. stock futures rose sharply Wednesday night, driven by strong earnings reports from tech giants Microsoft and Meta Platforms. This positive momentum came after a choppy regular session where Wall Street posted