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Facebook (META) increases 2024 capital expenditure forecast to reflect increased AI spending

Meta is planning to crank up its AI spending in 2024.

Donovan Erskine

April 24, 2024 2:59 PM

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Like most major players in tech and social media Meta is going all-in on AI technology. In its Q1 2024 earnings report, the company raised its 2024 capital expenditure forecast as it plans to increase its spending on AI infrastructure.

Meta announced the increase to its capital expenditure forecast in its Q1 2024 earnings report. While spending was originally predicted to be in the $30-36 billion range, it’s now expected to be closer to $35-40 billion.

As AI technology continues to evolve, don’t expect Meta to slow down its efforts any time soon. As for other Meta news, the company posted a beat on earnings and revenue in its latest quarterly earnings and reported a solid growth in DAUs for its social media apps.

Donovan Erskine

News Editor

Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Scream nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_