Meta value falls $190bn as investors react to plan to increase spending on AI
by Dan Milmo Global technology editor from Technology | The Guardian on (#6MBAF)
Shares slumped 15% after Mark Zuckerberg said AI spending would have to grow before Meta could make much revenue from products
Shares in Meta slumped 15% when Wall Street opened on Thursday, wiping about $190bn off the value of the Facebook and Instagram parent company, as investors reacted to a pledge to ramp up spending on artificial intelligence.
Mark Zuckerberg, Meta's founder and chief executive, said on a conference call on Wednesday that spending on the technology would have to grow meaningfully" before the company could make much revenue" from new AI products.
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