New Delhi, 21 August (Kiran News). Meta Platforms has entered into a major six-year agreement with Google Cloud, valued at over $10 billion. This is the search giant Google’s second major deal after OpenAI in recent times.
Under this agreement, Meta will use Google Cloud’s servers, storage, networking, and other services to meet its cloud computing needs.
Meta’s Focus on AI Strategy
This news comes as Meta CEO Mark Zuckerberg announced in July that the company would spend hundreds of billions of dollars to build several large AI data centers. Last month, Meta raised the lower end of its annual capital expenditure forecast by $2 billion, bringing it into the $66 billion to $72 billion range. Meta is seeking external partners to help finance the large-scale infrastructure required to boost AI development.
Google Cloud’s Success
Amid these agreements, Google’s parent company’s cloud computing unit saw a nearly 32% jump in revenue in the second quarter, surpassing estimates. In June, Reuters reported that OpenAI was planning to use Alphabet’s Google Cloud service to meet its growing computing needs, marking a surprising collaboration between two major competitors in the AI sector.
Wall Street Update
On Thursday, the Dow Jones Industrial Average fell by 152.81 points or 0.34% to close at 44,785.50. The S&P 500 dropped 25.61 points or 0.40% to 6,370.17. The Nasdaq Composite declined by 72.54 points or 0.34% to 21,100.31. Nvidia’s share price slipped 0.24%, Meta shares fell 1.15%, Amazon.com stock dropped 0.83%, Tesla’s shares slid 1.17%, Walmart’s shares declined by 4.5%, and Coty shares were down by 21.4%.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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