Meta (META) Starts AI Chip Production in September 2023

Meta 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.