Weekly AI Recap: Meta shares suffer, even as the company continues to ship new AI features [Video]

Plus, Microsoft and Apple scale down the size of their AI systems – but not their AI ambitions – with new small language models.

Meta reported its earnings for the first quarter of 2024 on Wednesday, exceeding analyst expectations with $36.5bn in revenue.

Investors got spooked, however, by Meta’s plans to push more money into AI R&D – an area which Meta has been expanding into rapidly but which is not yet profitable for the company. According to CNBC, the tech giant’s stock fell by 10% on Thursday, marking its worst day since October 2022.

Meta chief financial officer Susan Li said during a call with investors on Wednesday that the company’s capital expenditures for 2024 will range between $35bn and $40bn as it continues to ramp up infrastructural investments in AI.

Li added: “We expect CapEx will continue to increase next year as we invest aggressively to support our …

Tags Black Owned Business, Business, Business Owner, Women In Business