6 Hrs
Source:
Sky News
Meta and BlackRock invest $14B in AI
Meta and BlackRock announced the creation of a joint venture to build and operate a data center complex in Texas with a capacity of 1 gigawatt at a cost of up to $14 billion, aimed at supporting advanced AI applications. The complex is scheduled to begin operations in 2028, with Meta being the sole tenant in the initial phase, while BlackRock's funds will own 80% of the project. This move comes as part of the major companies' efforts to bolster their computing infrastructure and meet the rising demand for AI capabilities. The project will be financed through a mix of capital expenditure, private funds, debt, and sovereign funds. These investments align with Meta's increasing capital spending, which is expected to range between $125 billion and $145 billion, as it seeks to develop AI technologies and support the growing surplus computing market.
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