Meta’s Zuckerberg says will invest $60-$65B in capex this year

Meta’s Zuckerberg says:

• Meta is expected to spend $60 – $65 billion in This year versus previous guidance up 38 – $40 billion.

The stock is moving lower in premarket trading on the news. The current prices down $9.43 or -1.48% at $627.25.

Zuckerberg adds:

• Plans to grow Meta’s AI team significantly
• Company is building a 2GW+ data center “that is large and would cover a significant part of Manhattan”
• They will continue to invest in the future

Hmmm

The market does not like increased costs, but likes improved efficiency and growth too. The initial reaction however is to the downside on this increasd spending.

Nvidia shares are trading higher by $0.76 or 0.52%

This article was written by Greg Michalowski at www.forexlive.com.