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Meta Says It Plans to Spend Billions More on A.I.

Along with the higher spending, the owner of Facebook, Instagram and WhatsApp projected lighter-than-expected revenue, causing its stock to plummet.

Β© Ian C. Bates for The New York Times

Quarterly results on Wednesday underscored Meta’s repositioning of itself as a company poised to capitalize on the industrywide fervor for artificial intelligence.
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