Lates News

According to The Wall Street Journal, MetaPlatforms CEO Mark Zuckerberg provided new details on the company's aggressive AI plan at a full company meeting on Thursday and addressed the negative market reaction to its first-quarter performance. Zuckerberg attributed the 8% drop in Meta's stock price to investor concerns about higher expected capital expenditures and the company's forecast for slower growth in the second quarter. Zuckerberg said Meta's advertising business experienced a "shift in trajectory" after the U.S. went to war with Iran at the end of February. He said: "If oil prices rise, consumers will spend more money on oil and gasoline, and spending on non-essential items will decrease, and advertising is usually targeted at these types of goods." Zuckerberg attributed the company's upcoming layoff plan to the need for more investment in data centers and other artificial intelligence infrastructure. He said: "The company basically has two cost centers. One is computing and infrastructure, the other is personnel. If we invest more in one area to serve our community, it means we have less capital to allocate to another area. So this means we really do need to moderately reduce the size of the company."