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The Guardian - US
The Guardian - US
Technology
Dan Milmo Global technology editor

Meta value falls $190bn as investors react to plan to increase spending on AI

Meta Mark Zuckerberg
A person's hand holds a phone showing the Meta logo
Shares in Meta had risen in 2023 during the company’s ‘year of efficiency’. Photograph: Nikolas Kokovlis/NurPhoto/Rex/Shutterstock

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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