By BARBARA ORTUTAY

Meta’s artificial intelligence spending spree appears to be paying off with investors, who sent the company’s stock soaring after hours on Wednesday following a blowout quarterly earnings report.

The Menlo Park, California-based company easily beat Wall Street’s expectations for the second quarter, helped by higher advertising revenue and a growing user base on its flagship social media platforms. The money is helping to fund the company’s massive investments in AI development and hiring top talent at eye-popping compensation levels.

“Not only has Meta made demonstrable strides with AI, but it’s helping to future proof itself as a growth company, should its family of apps get affected by the current anti-trust case or changing social media sentiment,” said Forrester

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