Meta, the tech giant formerly known as Facebook, has reported a staggering $13.5 billion profit, causing its shares to soar by 7%. Meta's CEO, Mark Zuckerberg, has also announced that Meta AI is on track to become the top digital assistant by 2023. While other tech giants have disappointed with their results, Meta's success has had a positive impact on Wall Street.
To further accelerate progress in research, Meta is investing in data centers and open-source AI. Despite its losses of $4.5 billion in the metaverse in Q2, Meta's revenue has seen a 22% increase to $49 billion.
The company plans to increase its capital expenditure on AI in 2025. Meta's future plans also include the development of a metaverse ecosystem. Moreover, Meta has revealed that India is its largest market for Meta AI usage, with its AI chatbot experiencing massive usage thanks to WhatsApp's 500 million users in the country.
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