#capital-expenditures

#capital-expenditures

Zuckerberg and Meta Chief Financial Officer Susan Li spent much of the call suggesting that Meta's AI investments are paying off now and will in the future by helping the company better target ads and content. Revenue rose 26% to $51.2 billion in the third quarter, signaling that Meta's core advertising business, which generates about 98% of that revenue, remains strong.

Data center construction spend in the US hit a record high of $40 billion a year in June, Bank of America Global Research said in a new report issued this month. The report cited data from the US Census Bureau and noted that the new spending level is a 28% increase from the previous year. Amazon, Microsoft, Google, and Meta are leading the charge with sweeping expansion plans that could total more than $1 trillion in capital expenditures over the next few years.

Google Cloud posted $13.6 billion in Q2 revenue, up 32% year-over-year, driven by growth in core and AI products at a rate significantly higher than Cloud's overall revenue growth.