Meta reached a huge milestone.
After founder Mark Zuckerberg announced the company made $47.52 billion in second-quarter revenue, its share price increased more than 13% to $784.70 per share — an all-time high.
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Much to investors' delight, the parent company of Facebook and Instagram predicted it will report up to $50 billion in third-quarter sales.
The growth comes after the billionaire invested between $60 billion and $72 billion to "significantly" expand Meta's AI team. He previously called 2025 the "defining year for AI." Zuckerberg also invested $14.3 billion in Scale AI, which offers a platform and training data for developing AI models.
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The entrepreneur has been looking ahead, promoting the use of smart glasses, claiming they are going to completely change how people see the world.
"I think in the future, if you don't have glasses that have AI or some way to interact with AI, I think you're kind of similarly, probably [going to] be at a pretty significant cognitive disadvantage compared to other people and who you're working with, or competing against," he claimed in an interview.
With the world moving toward AI, Zuckerberg feels it's the next natural evolution in technology. "That's also going to unlock a lot of value where you can just interact with an AI system throughout the day in this multimodal way. It can see the content around you, it can generate a UI for you, show you information and be helpful," he added.