Meta Platforms Expands AI Footprint
Meta Platforms (NASDAQ: META) made significant moves in artificial intelligence (AI) by acquiring a 49% stake in Scale AI for $14 billion last month. This investment, and the acquisition of Scale AI founder Alexandr Wang to lead a new research lab, marks a pivotal step for the company in advancing its AI initiatives. By the end of June, Meta’s stock rose 14%, aided by improved economic conditions and reduced trade tensions.
In addition to the Scale AI deal, Meta is reportedly raising $29 billion to expand its data center capabilities and has signed a 20-year power purchase agreement with Constellation Energy to support its growing energy needs. Analysts anticipate a strong second-quarter earnings report, projecting a 14% revenue increase to $44.55 billion and earnings per share rising from $5.16 to $5.84.
