Meta Says It’s ‘Making a Lot of Progress’ With AI as Spending Grows [Video]

Meta Platforms (META) CEO Mark Zuckerberg said in Wednesday’s earnings call that more spending on artificial intelligence (AI) products and infrastructure “is maybe not what investors want to hear in the near term,” but that he feels it’s necessary for the tech giant to seize opportunities in the industry.

The earnings call followed an estimate-topping third quarter from Meta, with net income coming in more than $2 billion higher than expected. Advertising revenue, the bulk of Meta’s revenue, beat projections as the company has said its AI efforts have had a positive impact on the effectiveness of its ads.

Meta also lifted the lower range of its projected capital expenditures to $38 billion to $40 billion, from $37 billion to $40 billion previously, as the tech giant and many of its peers ramp up investments in the development of AI products.

While Zuckerberg and CFO Susan Li didn’t offer numeric projections for Meta’s expenditures …