This news came during the first-quarter results update and raised concerns among investors regarding Meta's investments in artificial intelligence (AI) and the metaverse.

The stock had previously experienced a 40% increase in value year-to-date.

Meta, founded by Mark Zuckerberg, increased its forecast for 2024 capital expenditure to between $35bn and $40bn, up from a previous range of $30bn-$37bn.

The company also raised its total expenses forecast to $96bn-$99bn, an increase of $2bn in the low-range mark.

These shifts could reopen old investor concerns following a 2022 dispute over Zuckerberg's tech investments.

Meta is enhancing its ad-buying products with AI tools and short video formats to boost revenue growth and introducing AI features like a chat assistant to enhance engagement on its social media platforms.

Meta, the tech company, reported stronger-than-expected total revenue of $36.5bn, representing a 27% increase.

The company forecasted a slight improvement in the current quarter.

However, its lower-than-expected revenue range missed market forecasts, leading to a 10% share price sell-off and a lost market value of $125bn.

Despite this, the stock remains around 30% up for the year to date.