AI News That Broke The Internet This Week

4. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 219

Meta Platforms, Inc. (NASDAQ:META) engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. A few weeks after announcing that spending on AI and related technologies would increase in the coming months, the company has now disclosed plans to close its augmented reality (AR) studio to redirect investments elsewhere. In a recent statement, the firm explained that this move is part of a broader strategy to allocate resources toward the next generation of experiences, focusing on emerging form factors like smart glasses.

Earlier this week, Meta Platforms, Inc. (NASDAQ:META) revealed that it had entered into an agreement with Sage Geosystems to procure geothermal energy for its AI data centers in the US. The first phase of this project is expected to be operational by 2027. Meta has committed to investing in sustainable energy sources as power demand surges across the country, having already secured over 12,000 MW in renewable energy projects in recent years.