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Meta Increases Use of AI, Raising Value

Meta Platforms Inc, the parent company of Facebook and Instagram, announced on Wednesday that it is using artificial intelligence (AI) to drive traffic to the two social media platforms and increase ad sales revenue. The news sent Meta shares soaring by 12% in after-hours trading, adding more than $50 billion to its market value. The announcement came after Google parent Alphabet Inc and Microsoft Corp both posted strong results on Tuesday, leading to a rally in tech shares.

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Facebook: We Have 300 Engineers and We’re Making Money

Facebook announced earlier this week that they had passed the 300million user mark, and that they are making money or, as CEO Mark Zuckerberg put it this week, they are cash flow positive. Put another way, Facebook is raking in the revenue.