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...Meta reported $135bn in revenues last year, up 16 per cent from 2022. Privately held ByteDance does not disclose its financial data. The company declined to comment on the financial figures....
...Meta’s chief financial officer Susan Li said last month that Instagram was “making strong progress increasing the freshness of recommended content”....
...Meta, Palantir and Snowflake did not respond to requests for comment....
...The Meta staffer could not be reached by the Financial Times....
...“The question remains whether Meta can contend in the AI race while maintaining a strong financial position....
...Nick Clegg, Meta’s president of global affairs, told the Financial Times that it has sought to respond to criticisms that Llama 2 refused to answer “innocent and innocuous” questions....
...It also opened proceedings against Meta over whether the group’s new “pay or consent” subscription model complied with the DMA requirement for gatekeepers to obtain user agreement to “combine or cross-use...
...Meta’s shares tumbled more than 15 per cent in after-hours trading, wiping billions of dollars off the value of the social media group, after Mark Zuckerberg vowed to turn it into “the leading AI company...
...I remember working as an analyst during Google’s IPO in 2004 and a financial journalist during Meta-née-Facebook’s IPO eight years later. I remember some of the things I said about each company....
...Last year, groups including OpenAI, Google DeepMind and Meta agreed to open their generative AI models for review by Britain’s AI Safety Institute....
...Belgian Prime Minister Alexander De Croo told the Financial Times that the EU must wean itself off Russian nuclear fuel “as fast as possible” to stop Moscow using revenues to fund its war chest....
...One option for the Australian government would be to “designate” Meta, which would force the company into arbitration over payments to media companies or face financial penalties....
...However, shares in the group rose more than a tenth on Tuesday after the company said it had resolved two overhanging financial issues....
...The embarrassing incident added to the perception that its model was less capable than those released by rivals such as OpenAI’s, Meta and Anthropic....
...“This was a pivotal year for our company,” Susan Li, Meta’s chief financial officer said, citing increased operating discipline and improved advertising performance....
...Unhedged: Lastly, let’s talk about Facebook/Meta....
...The benchmark S&P 500 rose 1.4 per cent on Monday afternoon, led by strength in the financial and tech sectors....
...After the financial crisis, it spent Rmb4tn (nearly 13 per cent of GDP back then) building out infrastructure....
...Gary Swidler, president of Match Group, which owns Tinder, said the EU’s acceptance of Apple’s plan is “far from assured”....
...The losses are smaller than the start of 2023 when Big Tech groups including Meta, Amazon and Microsoft axed roles following an exuberant period of over-investment during the pandemic....
...The seven largest tech groups — Microsoft, Apple, Amazon, Alphabet, Meta, Tesla and Nvidia — drove most of last year’s stock market gains as traders bet that they would be winners from the growth of AI....
...Pharmaceutical groups Bristol Myers Squibb, Regeneron and AbbVie are also expected to release earnings....
...Looking at it that way, you can see how Meta has followed a wildly different trajectory from the companies that followed it: Taking Meta out of the picture, though, you can see how Snap, Pinterest and Twitter...
...Do also read the great John Plender’s essay on the overlooked threats to the global financial system....
...While Microsoft and Nvidia have been the first to show clear revenue growth resulting from their AI products, analysts will be watching closely whether other big tech groups will update their financial forecasts...
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