Meta Reports Strong Q2 Earnings Amid Heavy AI Spending
Meta, the parent company of Facebook and Instagram, has reported strong Q2 earnings, surpassing revenue and EPS expectations. The company is heavily investing in AI, including Meta AI, Ray-Ban Meta AI glasses, and the Llama 3.1 405B model, with the goal of becoming the most used AI assistant by the end of the year.
Meta also announced lower-than-expected capital expenditures and expects AI investments to drive growth in 2025. However, the company is facing legal challenges, including a $1.4 billion settlement in a Texas privacy lawsuit. Despite this, analysts view Meta as an AI 'bellwether' due to its expertise in digital advertising.
CEO Mark Zuckerberg emphasized Meta's focus on open-source AI and discussed the company's Reality Labs division. While Meta's AI advancements have not been without issues, the company remains committed to investing in AI for its future success.
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