London CNN —
Shares in Meta plunged in premarket trading Thursday as the Facebook owner’s plans to “invest aggressively” in artificial intelligence spooked investors.
The stock was down around 13%, threatening to wipe almost $163 billion off its market value, as investors looked beyond bumper first-quarter earnings to focus on the huge costs to the company of building an AI future.
The company is competing head-to-head with Microsoft and Google to unlock the enormous potential of AI. While the payoffs could be huge, Meta’s most recent earnings underscored that building the best tools is costly and
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