Source The Guardian · Published · Open the original ↗
Markets
Meta plans $95bn stock offering to help cover AI expansion
Tech firm announces two-part fundraising after Elon Musk warns hundreds of AI startups face collapse
Mark Zuckerberg’s Meta has announced plans for $95bn (£71bn) of fundraising to cover its AI expenditure, even as Elon Musk warned that funding for smaller players in the sector was drying up.
The owner of Facebook, Instagram and WhatsApp is a leading investor in AI and is ploughing multibillion-dollar sums into datacentres, the central nervous systems of the technology.
Meta’s announcement on Monday came after Musk added to the pressure on “neocloud” datacentre providers - which lease computing power to AI companies - by saying the sector faced “death and consolidation” amid concerns over the sustainability of their funding.
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