Meta Beats Earnings, Doubles Down on AI

Facebook's parent company, Meta, reported better-than-predicted earnings for the second quarter, driven by increased ad sales. However, the company is still spending heavily on developing new technologies, such as artificial intelligence and virtual reality. While Meta is optimistic about the potential of AI, its CEO admits that it will take several years before these investments generate substantial profits. The company is also hiring more employees and anticipates rising costs related to AI development in the near future.