Meta cuts staff stock awards as billions poured into AI race

Meta (META.O) reduced its annual distribution of stock options by about 5 per cent for most of its staff, as CEO Mark Zuckerberg ploughs billions of dollars into its artificial intelligence goals, the Financial Times reported this week.

The Facebook parent declined to comment.

Meta and other Big Tech companies are competing to outbuild each other with massive data centers to get ahead in Silicon Valley’s heated AI race.

The social media company said in January that...