Meta jumps on solid earnings beat, but warns of 'significant' cap-ex expansion

"While we do not intend to provide any quantitative guidance for 2025 until the fourth quarter call, we expect infrastructure costs will be a significant driver of expense growth next year as we recognize depreciation and operating costs associated with our expanded infrastructure footprint," CFO Susan Li said in a statement.

Last week, CEO Mark Zuckerberg announced Meta’s latest open-source large language model called Llama 3.1. What’s more, the Facebook founder said the industry should focus on open-source AI rather than closed-source models like OpenAI’s ChatGPT. In Q2, Meta reported that the segment lost some $4.49 billion, slightly below expectations of $4.53 billion. It lost $3.8 billion in Q1. The division has also been plagued by turnover and a lack of clear vision, adding to Reality Labs’ troubles,

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Stock market news today: S&P 500, Nasdaq climb as Fed delivers and Meta jumpsStrong Meta results are keeping bullish tech hopes aloft after the Fed cemented bets on a September rate cut.
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Stock market news today: S&P 500, Nasdaq futures climb as Fed delivers and Meta jumpsStrong Meta results are keeping bullish tech hopes aloft after the Fed cemented bets on a September rate cut.
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Market movers: Stocks seeing action on ThursdayA survey of North American equities heading in both directions
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Fed holds rates, Meta earnings, Qualcomm: 3 ThingsComing out of their two-day policy meeting on Wednesday, Federal Reserve officials have decided to hold interest rates where they are, with Chair Jerome...
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