Meta’s capital expenditures for this year are expected to range from $60 billion to $65 billion, the New York Times reported, citing a Facebook post from the company leader. That’s a massive jump from the $38 billion to $40 billion the company spent last year.

The social-media giant plans to spend between $60 billion and $65 billion, the latest sign of tech companies’ accelerating investments into AI.

CEO Mark Zuckerberg said it will increase capital spending to $60 billion to $65 billion for AI infrastructure.

Meta Platforms plans to spend between $60 billion and $65 billion this year to build out AI infrastructure, CEO Mark Zuckerberg said Friday, joining a wave of Big Tech firms unveiling hefty investments to capitalize on the technology.

Meta CEO Mark Zuckerberg announced Friday the social media company will nearly double its spending this year as it focuses on artificial intelligence (AI) development. Meta is planning to invest $60 billion to $65 billion in 2025,