Meta pivots on AI under cover of superb quarter

MARK Zuckerberg addressed every constituency that mattered. In a video posted to Reels, and in a 616-word written manifesto, he first talked directly to his users about his desire to build a new "personal superintelligence" that will help people rather than take their jobs:

- Bloomberg

ON WEDNESDAY, "This is distinct from others in the industry who believe superintelligence should be directed centrally towards automating all valuable work, and then humanity will live on a dole of its output."

Then he spoke to his new AI superintelligence team, and those who might be interested in joining it, by stressing Meta Platforms Inc.'s strengths in the AI race: We have the resources and the expertise to build the massive infrastructure required, and the capability and will to deliver new technology to billions of people across our products.

And later, after the closing bell, he gave investors everything they wanted to hear and more. Revenue rose 22% in the second quarter compared with the period a year earlier, and profit was up 36%—both ahead of analysts' estimates. For the current quarter, Meta forecast revenue of as much as $50.5 billion, again ahead of estimates. Astoundingly, the company is still expanding its user base, up 6.4% from the quarter a year earlier: 3.48 billion people now use Meta-owned apps daily. Shares jumped as much as 12% in after-hours trading.