Meta CEO Mark Zuckerberg has sounded a warning to investors that it will take considerable time before any significant returns are made on generative artificial intelligence (AI). The chief of Facebook, Instagram, and Whatsapp has braced expectations for lower profits for the foreseeable future as he strives to keep pace with the likes of OpenAI, Microsoft, and Google in the rapidly evolving AI race. Just last week, the social media giant rolled out its AI assistant across its major platforms. On Wednesday (24 April), Meta posted a revenue increase of 27% and witnessed its profits double over the first quarter, but that has not allayed investor fears as Zuckerberg continues his spending spree on AI.
Comment on Meta sounds profit warning as AI spending soars
Graeme Hanna, ReadWriteWeb
Thu, 04/25/2024 - 8:16am
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