Meta is planning to raise $25bn from a bond sale to help it pay for soaring artificial intelligence costs, even as the Big Tech group’s shares suffered one of their worst days ever over concerns that its spending is too high.
The social media group had hired Citigroup and Morgan Stanley to raise up to $25bn in debt, ranging from five to 40 years in maturity, in what would be one of the biggest bond sales of the year, according to two people close to the matter.
It comes a day after chief executive Mark Zuckerberg warned that the US tech group would spend even more aggressively as part of an arms race to build the data centres and infrastructure powering the AI boom.
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