PYMNTS.com October 31, 2024
Tech giants are pouring unprecedented resources into artificial intelligence (AI) infrastructure as Meta plans up to $40 billion in 2024 spending and AMD rides the wave to record $6.8 billion in revenue. The sector-wide investment surge comes as companies battle to meet soaring demand, with Meta’s AI features driving engagement up 6% to 8% across platforms.
Meta’s AI Ambitions Come With a Hefty Price Tag
Meta’s strong Q3 performance, with record revenues of $40.6 billion, sets the stage for ambitious AI expansion plans requiring massive infrastructure investments. CEO Mark Zuckerberg emphasized that advancing the company’s AI initiatives will demand significant capital expenditure, with 2024’s budget expected to reach $38 billion to $40 billion.
The tech giant’s AI efforts are already...
Today's Sponsors
Today's Sponsor