Meta (META) Starts AI Chip Production in September 2023
Published on Β· Source: cnbc.com
AI Summary
Summarized by AI from the source belowMeta Platforms (META) plans to begin production of an AI chip named 'Iris' in September 2023, aiming to boost its computing capacity to 14 gigawatts in 2024. This effort includes a four-generation project for its in-house Meta Training and Inference Accelerators (MTIA). Meta's projected spending on AI infrastructure amounts to $145 billion this year, contributing to broader industry spending of over $700 billion on similar technologies. This development is significant for investors as Meta seeks greater efficiency and cost independence from suppliers like Nvidia and AMD, which could positively impact its long-term profitability.
Informational only, not financial advice. Content is AI-generated and may contain errors. How this works.
About Meta Platforms Inc. (META)
Meta Platforms owns Facebook, Instagram, WhatsApp, and Messenger, earning almost all of its revenue from digital advertising while investing heavily in AI and the metaverse.
The Communication Services sector covers media, entertainment, telecom and interactive companies that connect and inform people.
Earlier META news
- Meta Platforms Inc Reports Form 4 Data for July 8, 2023
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- Meta (META) Plans $9B 1GW Data Center in Canada
- Meta (META) Plans $145B AI Investment Amid Workforce Cuts
- Meta (META) and Tesla (TSLA) Reach $1.48 Trillion Market Value
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