Alongside its third-quarter results, Meta announced a new class of non-voting shares to finance its AI efforts. The stock will also fund possible acquisitions and staff pay, and is due to start trading in 2027.
During its third-quarter earnings call, Meta said its Muse AI app has passed 10 million users. People mostly use it for shopping and personal productivity, according to the company.
IBM's quarterly revenue and profit came in above expectations. Chief executive Arvind Krishna pointed to the company's work helping clients with artificial intelligence.
AI research lab Flapping Airplanes has raised $1 billion about a year after it was founded, at a $6 billion valuation according to Bloomberg. The lab has not yet released any commercial product.
Mark Zuckerberg says the Muse agent marks a new phase for Meta. He expects it to bring in more revenue per user than the company's existing apps.
Meta's board worried that its CEO leaving California could disrupt the company's AI ambitions. A new stock agreement gives Mark Zuckerberg financial reasons to stay despite a ballot measure on taxing billionaires.