Meta Platforms Advances AI Strategy
Meta Platforms (NASDAQ: META) is enhancing ad conversion rates on Facebook and Instagram by deploying AI technologies, reporting an 8.3% increase in Facebook ad clicks and a 15.7% rise in ad conversions in Q2 2023. The company released its 30-billion-parameter AI model, Muse Glimmer, on August 10, but has yet to release the weights for its more advanced model, Muse Spark 1.2.
Meta anticipates capital expenditures to reach $130 billion to $145 billion by 2026, up from a previous estimate of $115 billion to $135 billion. The company reported $60.8 billion in revenue and $31.9 billion in operating cash flow for Q2 2023, despite a free cash flow of only $784 million due to high spending commitments, including $81.6 billion in noncancelable contractual commitments through 2027.
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