Meta’s stock plunges on ‘aggressive’ AI spending plans

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Meta’s stock plunges on ‘aggressive’ AI spending plans

By Hanna Ziady, CNN London (CNN) — Shares in Meta plunged in premarket trading Thursday as the Facebook owner’s plans to “invest aggressively” in artificial intelligence spooked investors. The stock was down around 13%, threatening to wipe almost $163 billion off its market value, as investors looked beyond bumper first-quarter earnings to focus on the huge costs to the company of building an AI future. The company is competing head-to-head with…