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

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


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.

Mark Zuckerberg making eye contact with his Meta avatar.

Source: Meta

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.

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