Zuckerberg Asks for Patience as Meta’s AI Push Spooks Market
- The shares plunge as much as 19% on disappointing forecast
- Meta will spend billions more than previously expected
Mark Zuckerberg is asking investors for patience again. Instead, they’re alarmed.
After Meta Platforms Inc. revealed that it will spend billions of dollars more than expected this year — fueled by investments in artificial intelligence — the company’s chief executive officer did his best to soothe Wall Street. But the spending forecast, coupled with slower sales growth than anticipated, sent the shares tumbling as much as 16% in New York on Thursday morning, the biggest drop since October 2022.