Meta Platforms Inc. shares slid after the company raised its spending outlook for the year, reigniting fears that the historic levels of investment it’s making to build artificial intelligence models won’t pay off.
The social-media giant projected full-year capital expenditures between $125 billion and $145 billion, far exceeding analysts’ estimates and marking a roughly 7.4% increase from what the company had previously projected. The company is dealing with “higher component pricing” and additional data center costs, Chief Financial Officer Susan Li said in a statement. Bloomberg’s Kurt Wagner joins to discuss.
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Netflix gave a forecast for the second quarter that fell short of analysts expectations, sending the shares down in extended trading.

The streaming pioneer also announced that chairman and co-founder Reed Hastings is stepping down from the board after 29 years to pursue philanthropy and personal interests https://bloom.bg/4dSPhEi

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The intensifying regulatory crackdown on Hong Kong’s financial industry is forcing banks and lawyers to be more cautious about dealmaking, putting its IPO recovery at stake: http://bloom.bg/47HrvqL
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The advent of Mythos and AI models like it that can exploit well-hidden flaws in software points to a faster-moving, less predictable …

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US Energy Secretary Chris Wright says the US is “absolutely not” studying a ban on energy exports amid rising oil prices. Wright …

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