Shares of Meta Platforms rose more than 6 percent on Wall Street on Wednesday following a report that the tech giant is preparing to launch a cloud computing business focused on artificial intelligence.
According to a Bloomberg report, Meta plans to sell AI computing power to external customers, marking its entry into the highly competitive cloud services market.
The Facebook parent is reportedly aiming to compete with industry leaders including Amazon Web Services (AWS), Microsoft Azure and Google Cloud by commercialising the excess computing capacity it has built while expanding its AI infrastructure.
The move would allow Meta to generate revenue from its growing AI investments as competition in the artificial intelligence sector continues to intensify.
Bd-Pratidin English/ AM
