Meta says it will continue spending, as growth surges

For months, Meta and other big technology companies have spent heavily to build artificial intelligence technologies, which show no immediate signs of yielding profits. For months, the companies have also delivered a consistent message about the investments: Trust us.

On Wednesday, Meta, which owns Facebook, Instagram and WhatsApp, showed it was not changing course. The company said it had spent
$8.5 billion in the second quarter on computing infrastructure for AI, building the immersive world of the metaverse and other expenses, up 33.4% from a year ago.