Google and Meta are racing to generate revenue as they seek to fund their rapidly growing AI investments.
Google parent Alphabet Inc. boosted its equity raise to $84.75 billion from $80 billion announced just two days earlier, to support growing AI spending. Berkshire Hathaway plans to buy $10 billion worth of stock.
Meanwhile, Meta Platforms has launched its paid Meta Business Agent service, designed to help businesses handle customer inquiries, recommend products, and book appointments across WhatsApp, Messenger, and Instagram.
The service will charge large WhatsApp Business Platform users based on usage. The move marks a significant shift for Meta, which has historically generated about 98% of its revenue from online advertising.
The aggressive push for capital comes as both tech giants have drastically hiked their spending plans.
In April, Google increased its capital expenditure forecasts to the highest levels, between $185 billion and $190 billion. Similarly, Meta boosted its capex forecast to top levels between $135 billion and $145 billion.