That could bring Meta’s total expenses to around $150 billion in 2026—nearly triple what the company spent just five years ago. With his controlling share, Zuckerberg has the luxury of fully calling the company’s shots. He still can’t afford to miss.

Nvidia stock hit an intraday high Thursday after earnings from Microsoft and Meta Platforms reinforced expectations of continued investment in its artificial-intelligence chips.

Investors continue to underestimate artificial intelligence (AI), the secular tailwinds behind the chipmaker's supercharged growth.