The Secret to Meta’s AI “Superintelligence” Vision Meta Platforms (NASDAQ:META) delivered a stellar second-quarter earnings report showing the social media platform is financing its artificial intelligence (AI) dreams.

The Facebook, Instagram and WhatsApp-owner is pumping billions of dollars into artificial intelligence projects.

Wall Street has been tempering their expectations for rate cuts at the Fed’s next meeting in September. Traders now see a 39.2% chance of a rate cut, according to data from CME Group. That’s down from 58.4% a week ago and a 75.4% chance a month ago.

Shares in artificial intelligence heavyweights Microsoft and Meta Platforms both surged in European trading on Thursday, after blowout quarterly results after-market on Wednesday. Meta shares surged 12.

And both Meta and Microsoft were already on track to spend more than 30% of this year’s revenue on capital expenditures, compared with about 15% to 20% historically. Those outlays were already beginning to look like mere table stakes after Google parent Alphabet used its report last week to bump up its own capex spending plans for this year to $85 billion.

Meta CEO Mark Zuckerberg published a plan for "personal superintelligence" in AI ahead of the Meta second quarter earnings report to come later Wednesday.