Meta in April said it would raise its spending levels in 2024 by as much as $10 billion to support infrastructure investments for its AI efforts. Although the announcement sent shares plunging as much as 19% that evening, investors have come around to the company's costly AI ambitions. Meta's stock price hit a record on Dec. 11, and it's up nearly 70% year to date as of the market's close on Friday.

"It's clear that there are a lot of new opportunities to use new AI advances to accelerate our core business that should have strong ROI over the next few years, so I think we should invest more there," Zuckerberg said on a call with analysts in October.