Tech bosses preach patience as they spend and spend on AI

Mark Zuckerberg, Meta’s CEO, started 2023 by declaring it the “year of efficiency.” Like several of its big tech peers, Meta cut jobs and mothballed expansion plans.

Then came AI.

Zuckerberg started this year saying his company would spend more than $30 billion on new tech infrastructure in 2024. In April, he raised that to $35 billion. On Wednesday, he increased it to at least $37 billion. And he said Meta would spend even more next year.