Mark Zuckerberg’s Meta was the belle of the ball on Wall Street after its latest results revealed a windfall driven by investments into AI. Leaning into artificial intelligence is one of the social media king’s best bets – it is paying off handsomely, and it will likely do so for years to come.
Revenue for the three months to the end of June leapt by 22 per cent to $47.5bn when compared with a year earlier. Profits surged by more than a third (36 per cent) to $18.3bn. If the price of Zuckerberg’s AI ambitions is similarly dizzying – overall costs rose by 12 per cent to $27.5bn, with more spending promised – who cares? It’s a smart investment and a good business move.
