Meta took the brunt of investor concerns on Wednesday over how the biggest US tech firms are spending massive sums on artificial intelligence (AI).
Shares in the company, which owns Facebook and Instagram, dropped 7% in extended trading, after saying it would spend billions more on AI projects than it had initially planned.
Meta, Google-owner Alphabet, Microsoft, and Amazon all reported their quarterly earnings at the same time. But the latter three companies fared better with investors as they showed how their own huge AI investments.
Tech investors have become increasingly wary about the more than $650bn (£481bn) the four firms are spending this year.
Lee Sustar, an analyst at Forrester, said there is still anxiety "about the sustainability of the AI boom" given the high cost and so far unrealised gains. Yet, tech companies are pushing forward with plans, for this year and next, to pour billions into its development.
Meta shares slide as plan to spend billions more on AI spooks investors
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