1658 ET - Meta CEO Mark Zuckerberg says the company's heavy spending on AI is necessary to capture a massive opportunity, and that the investments are now accelerating every major part of its core business. "They're improving the experience for people using our apps, driving better performance for advertisers, and helping our teams build new experiences and ship faster," Zuckerberg says during a call with analysts. "We are investing aggressively because the potential is huge." The company raised the midpoint of its capital expenditures outlook for the year, amid investor worries over big tech companies' AI spending.
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