In a move set to redefine the competitive landscape of the technology sector, Mark Zuckerberg, CEO of Meta, has announced that the company plans to invest between $60 to $65 billion this year in capital expenditures aimed at advancing artificial intelligence (AI) capabilities.

This investment underscores Meta's commitment to establishing itself as a formidable contender in the burgeoning AI arena.

Zuckerberg outlined plans for the construction of substantial data infrastructure, including a major data center that will encompass a significant segment of Manhattan.

The intent is to power Meta's AI offerings, with the company projecting it will conclude the year equipped with over 1.3 million graphics processing units.

Zuckerberg underscored the strategic importance of this undertaking, stating that ongoing investments will bolster Meta's core products and business innovations, further expanding the United States' technological leadership.

The company's financial outlook appeared boosted by this announcement, with Meta's shares closing at an unprecedented $647.49 on Friday.

The push into AI by Meta reflects its long-term strategy, as the company has channeled billions into AI-related research and development recently.

However, Zuckerberg emphasized that the path to substantial returns will take time due to the competitive nature of the AI market.

Further illustrating Meta's ambitions in the sector, Zuckerberg projected that the digital assistant Meta AI will become a leading service for over a billion users globally.

Moreover, Meta is reportedly developing an AI engineer to accelerate and augment its research and development efforts.