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Meta’s revenue growth reassures investors as Zuckerberg plots AI spree

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Meta’s revenue growth reassures investors as Zuckerberg plots AI spree

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Mark Zuckerberg said on Wednesday that strength in Meta’s core advertising business will allow the company to continue spending heavily on artificial intelligence next year and beyond, reassuring Wall Street as shares rose as much as 8 per cent.

Zuckerberg, Meta’s chief executive and founder, was eager to show that investments in AI were bearing fruit during an earnings call with analysts on Wednesday, pointing to examples such as improvements to its recommendations engine. The company’s Meta AI chatbot was also on track to become the most-used AI assistant in the world by the end of the year, he said.

However, he acknowledged that while products such as the chatbots would increase engagement with its platform, it would take “years” for the “monetisation of any of those things by themselves”.

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Wall Street has been concerned by the surge in AI spending at Big Tech groups such as Microsoft, given the costs of training and maintaining models, as well as investing in the infrastructure to underpin it.

But Zuckerberg has been attempting to win over investors with his AI vision, promising to help advertisers automate their processes and better target ads to users, and that its chatbots will be able to assist users, creators and businesses.

In a sign of future infrastructure demands, Zuckerberg warned that the amount of compute needed to train Llama 4, its next large language model, would “likely be almost 10 times more” than what was used to train the current Llama 3 model and that would continue to grow with future models.

“At this point, I’d rather risk building capacity before it is needed, rather than too late,” he said, adding that next year the company would be planning the compute clusters it needs for the next several years.

In the meantime, concerns over the costly projects were offset by bumper results.

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Revenue at the social media group jumped 22 per cent to $39.1bn in the past three months, beating analysts’ expectations of $38.3bn and the high end of its own forecast, which was $39bn. Analysts noted this was driven by a 10 per cent jump in both ad impressions and the average price per ad.

For the third quarter, Meta forecast revenues of $38.5bn to $41bn, topping estimates of a rise to $39.2bn.

“At the end of the day, we are in the fortunate position where the strong results that we’re seeing in our core products and business give us the opportunity to make deep investments for the future, and I plan to fully seize that opportunity to build some amazing things that will pay off for our community and our investors for decades to come,” Zuckerberg told analysts.

Net income at Meta — whose platforms include Facebook, Instagram and WhatsApp — rose 73 per cent to $13.5bn, above consensus expectations of an increase to $12.3bn, according to data from S&P Capital IQ.

However, it also raised the bottom of its range for full-year capital expenditure guidance from $35bn-$40bn to $37bn-$40bn.

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Shares of Meta, which are up more than 35 per cent this year, rose as much as 8 per cent after the release.

The rising shares represent a turnaround from its previous quarterly results in April, when shares tumbled more than 10 per cent after Meta raised the high end of its full-year capex guidance in order to boost its AI infrastructure and plans.

Shares of rival Microsoft this week dipped lower even after it posted double-digit sales and earnings growth as it warned that already rising capex would continue to rise next year.

“We think [Meta] is doing a good job managing AI infrastructure costs. Still, we expect capex to rise considerably in 2025,” said Angelo Zino, technology equity analyst at CFRA Research.

“[We] believe Meta continues to be a share taker in the broader digital ad market, partly reflecting its more aggressive AI tactics to improve content [and] ad tools.”

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Zuckerberg has recently conducted a publicity tour to tout his plans for the company to become the leader in AI, as well as the developer of smart glasses that he believes will overtake mobile devices as the next computing platform.

In a post last week, Zuckerberg said Meta’s latest open-source large language model, Llama 3.1, was now “frontier level”, catching up with the powerful AI model of rivals such as OpenAI, Google and Anthropic. Next year, he said future Llama models would “become the most advanced in the industry”.

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Trump says proof of his allegations that vandals cut Reflecting Pool paint will be provided in court

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Trump says proof of his allegations that vandals cut Reflecting Pool paint will be provided in court

Washington — President Trump on Monday said proof will be provided in court of his allegations that vandals “cut” a massive slit in the Lincoln Memorial Reflecting Pool, which he claims is the reason the paint is peeling on the recently renovated but algae-plagued project. 

In an exchange with CBS News senior White House correspondent Ed O’Keefe, Mr. Trump insisted that vandals, rather than questionable craftsmanship, are responsible for the enduring problems following the $14.7 million sealant job. The president claimed vandals cut a 350-foot slit in the pool between the World War II Memorial and the Lincoln Memorial. Five people have been arrested for vandalism related to the Reflecting Pool, and five additional individuals were issued federal citations, according to the U.S. Park Police, although neither the company behind the project nor the U.S. Park Service has said a cut slit was responsible for the peeling. 

Asked if he had proof, such as photos or video, that vandals used a knife to cut a massive slit in the pool, Mr. Trump responded: “Well, let’s put it this way, when you have a 350, I think it’s 350, not 250, when you have a 350-foot slit, from one end to the other, you think that’s proof? You think that’s proof?” 

O’Keefe noted that reporters had been to the site and found no evidence of a slit.

“Well, you’d have to go see the Parks Department. They’ll show it to you, or see, see the secretary, but I saw it,” Mr. Trump said, likely referencing Interior Secretary Doug Burgum. “They cut it, they cut it very violently. The same thing with the floor, they cut it, and then they lifted it. They pulled it, and that’s what it is.”

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After defending the project, the president said, “We also have pictures.”

O’Keefe asked the president for evidence of his claims. 

“Yeah, at the right time you’ll see it,” Mr. Trump said. “You’ll see it in court. You’ll see it in court, but all you have to do is call the Parks Department, call the Department of Interior.”

Blue coating is seen among algae in the Lincoln Memorial Reflecting Pool Sunday, June 21, 2026, on the National Mall in Washington. (AP Photo/Jon Elswick

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Jon Elswick


The president also suggested someone may have placed fertilizer in the water to create the algae that teams have been attempting to clear. 

“If you put fertilizer in the water, you get algae, but somebody said they might have put fertilizer, they did something to create the algae,” the president said, again without providing evidence for his claims.

CBS News has reached out to the National Park Service and the Department of the Interior. So far, there’s been no response.  

Atlantic Industrial Coatings, which received a no-bid contract to install the sealant on the floor of the Reflecting Pool, told CBS News there are “some areas” that “require repairs.” 

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“These areas are a very small part of the massive 7-acre project, and do not indicate a failure of the liner,” the company said. “These repairs can not be made until the pool is drained. As soon as it’s feasible for the park, the pool will be drained and AIC will be back to make those needed repairs as part of the warranty.”

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Video: The Rise of Deadly Trucks and S.U.V.s

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Video: The Rise of Deadly Trucks and S.U.V.s

new video loaded: The Rise of Deadly Trucks and S.U.V.s

A once-steady decline in pedestrian deaths in the United States has reversed, even as other countries have grown safer. Michael Keller, a New York Times investigative reporter, used crash test results, 3-D visibility scans and real-world reconstructions to explore how the boom in taller, heavier trucks and S.U.V.s has changed what happens when a person is struck.

By Michael H. Keller, Danielle Ivory, Irineo Cabreros, Eli Murray, Gabriel Blanco and Joey Sendaydiego

June 22, 2026

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Supreme Court allows a ruling that ends a tool to protect minority voters in 7 states

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Supreme Court allows a ruling that ends a tool to protect minority voters in 7 states

Demonstrators hold a sign saying “PROTECT MINORITY VOTING RIGHTS” outside the U.S. Supreme Court in Washington, D.C., in 2025.

Jemal Countess/Getty Images for Legal Defense Fund


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Jemal Countess/Getty Images for Legal Defense Fund

By declining to take up a lower court ruling, the U.S. Supreme Court has dealt another blow to the Voting Rights Act.

The court announced Monday that it will not review an Arkansas-based lawsuit, leaving in place a 2025 appeals panel ruling that ends a long-used tool for protecting minority voters from discrimination under the landmark law in seven mainly Midwestern states.

That ruling found that in the states covered by the 8th U.S. Circuit Court of Appeals — Arkansas, Iowa, Minnesota, Missouri, Nebraska, North Dakota and South Dakota — private individuals and groups do not have the right to sue to enforce what’s known as Section 208 of the Voting Rights Act, which generally allows voters with a disability or inability to read or write to get help with voting from a person of their choice.

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The Supreme Court’s move comes almost two months after its conservative supermajority issued a major ruling that further weakened the Voting Rights Act, setting off a groundswell in redistricting across the country.

In May, shortly after that undermining of Section 2 protections against racial discrimination in redistricting, the high court decided not to weigh in on what the legal world calls a “private right of action,” sending back to lower courts two cases brought by Black voters in Mississippi and Native American voters in North Dakota.

For decades, enforcement of these sections of the Voting Rights Act has mainly been driven by lawsuits by private individuals and groups.

But after conservative Justice Neil Gorsuch issued a single-paragraph opinion in 2021 questioning a private right of action, Republican officials in multiple states have raised a novel legal argument: Only the U.S. attorney general, they contend, has the right to bring lawsuits under these parts of the Voting Rights Act.

Such an interpretation of the law is likely to lead to a dramatic decline in voting rights lawsuits because of the Justice Department’s limited resources and shifting priorities under different presidential administrations.

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The case that the justices decided not to take up was brought by the immigrant advocacy group Arkansas United, which has provided Spanish-language interpreters at polling sites to assist voters with limited English proficiency. The group challenged an Arkansas law that bans a person who is not a poll worker from helping more than six voters cast ballots. In 2022, a federal judge ruled that the state law violates Section 208 of the Voting Rights Act. But after GOP state officials appealed, an 8th Circuit panel found last year that private groups, like Arkansas United, do not have the right to bring this kind of lawsuit.

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