The generative AI gold rush is underway — just don’t expect it to create profits anytime soon.
That was the message from Meta CEO Mark Zuckerberg to investors during Wednesday’s call for the company’s first-quarter earnings report. Having just put its ChatGPT competitor in a bunch of places across Instagram, Facebook, and WhatsApp, much of the call focused on exactly how generative AI will become a money-making endeavor for Meta.
The company is already quite profitable, having grown net income to more than $12 billion on $36.5 billion in revenue in the last quarter alone. But its revenue growth is expected to slow going forward. At the same time, it’s spending more than ever on AI and the metaverse.
“Historically, investing to build…