Meta announces massive AI spending increase and a new board president

Meta, the company that owns Facebook and Instagram, is making two major announcements. First, it reported record sales and said it will nearly double its spending to build out its artificial intelligence (AI) infrastructure, including a multi-billion dollar deal for fiber-optic cables.

Second, the company named Dina Powell McCormick, a former adviser to Donald Trump, as its new president and vice chairman of its board of directors. In other news, Meta has halted teenagers' access to its AI chatbot characters globally, and its internal AI research lab delivered its first key models this month.