Meta raises $95bn in stock offering to fund AI push
Meta plans to raise $95 billion through a stock offering to fund its artificial intelligence expansion, with chipmakers Nvidia, AMD, and Broadcom serving as cornerstone investors. The move follows Meta's warning of needing hundreds of billions for AI investment. Meta reported a 26% jump in third-quarter sales, beating estimates, and projected capital spending up to $145 billion this year. Shares fell 7% on Thursday after the announcement, and the fundraising began Monday with $35 billion in underwritten offerings plus $60 billion via an at-the-market program. Meta stated AI investments are generating returns through increased engagement and improved advertising performance. The company, parent of Instagram and WhatsApp, is pursuing the massive raise to support its long-term AI infrastructure strategy.