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Report
Meta stock falls on aggressive AI bet
The Street
Follow
4/25/2024
Shares of Meta took a nosedive after the company announced its aggressive AI spending plans.
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Sports
Transcript
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00:00
I'm Caroline Woods reporting from the New York Stock Exchange. Here's what we're watching on
00:03
the street today. Wall Street is looking ahead to key inflation data out Friday.
00:08
The Fed's preferred inflation gauge, the Personal Consumption Expenditures Price Index,
00:13
measures how much consumers are spending on goods and services. This will be the final
00:17
data point on inflation before the Fed makes its interest rate decision on May 1st. Markets
00:23
are pricing in a 96% chance that the central bank holds rates steady. Meanwhile, shares of
00:29
Meta fell sharply after the company announced higher-than-expected spending on artificial
00:33
intelligence in its first-quarter earnings report. The tech giant said it expects to spend anywhere
00:38
between $35 and $40 billion in the coming year, up from a previous estimate of $30 to $37 billion,
00:45
driven heavily by investments in AI. On an earnings call with investors,
00:50
CEO Mark Zuckerberg doubled down on AI, saying Meta wants to be the leading AI company in the world,
00:57
adding that the company needs to increase spending meaningfully before expecting to generate revenue
01:01
in AI. These comments spooked investors and threatened to wipe almost $163 billion off
01:07
its market value. This all comes roughly a week after Meta deployed its AI assistant on Instagram
01:13
and Facebook. Meta says the tool has been used by tens of millions of users.
01:18
That'll do it for your daily briefing. From the New York Stock Exchange,
01:22
I'm Caroline Woods with The Street.
01:24
[BLANK_AUDIO]
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