The parent company of Facebook and Instagram continues to exceed expectations for ad sales. Analysts are less sure about its big swings.

Despite high costs, the company is full-steam ahead on AI and believes a version of the tech that surpasses human intelligence is now in sight.

Meta Platforms narrowed its annual capital expenditures forecast on Wednesday, driven by the social media giant’s high-stakes push for “superintelligence” in the heated AI race, sending its shares up nearly 9% in extended trading.