Meta Seizes Its Moment to Spend Aggressively in the AI Race

Meta Platforms Inc. is taking advantage of its lucrative advertising business and stepping up spending next year, with executives saying now is the time to seize on investment opportunities in artificial intelligence.

Investors cheered the plan, sending shares up as much as 12% to $779.34 after markets opened in New York on Thursday, marking a record high. The social media giant reported second-quarter earnings on Wednesday that beat Wall Street estimates and forecast better-than-expected results for the current quarter.