Mark Zuckerberg: Facebook AI strategy will pay off – Axios

Illustration: Annelise Capossela/Axios
Meta's AI spending spree is starting to give investors an ulcer.
Zoom in: The Facebook and Instagram owner's stock plunged more than 10% today after the company warned Wall Street that it could take years for its big bets to pay off.
Between the lines: Wednesday's revenue forecast signaled a slowdown for the company, which has otherwise been outperforming against investor expectations over the past year.
The big picture: From the beginning of Meta's earning's call after the bell Wednesday, CEO Mark Zuckerberg sounded defensive about his strategy of blasting away at various high-cost futuristic projects, including AI and mixed reality.
Yes, but: Meta is one of the few social media companies that's been able to recover all of its losses from the pandemic-driven ad slowdown in 2022.
What to watch: How the possibility of a TikTok ban affects interest in Facebook and Instagram.


This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!