Shares in Meta plunged on Wednesday after the US tech giant revealed plans to increase spending on artificial intelligence (AI) technology. More than $150bn (£120bn) was wiped from the Facebook parent’s market value following the latest results, which covered the first three months of the year. In a sign that investors may be cooling on Meta’s commitment to invest huge sums in AI, shares in the business dropped by as much as 13pc during after-hours trading in New York. The drop came despite Meta’s profits in the first quarter more than doubling compared to the same time last year, up 117pc after posting net income of $12.4bn. This followed Meta’s bid to slash costs in 2023 by cutting more than 21,000 jobs. The Facebook and Instagram operator also reported revenues of $36.5bn, up 27pc on the same period in 2023, as digital advertising recovered. However, the company said it planned to invest more than expected in AI technology and the so-called “metaverse”, increasing its estimated capital expenditure from between $30bn to $37bn, to as much as $40bn. The company said it expected its overall costs to be as much as $99bn this year and said losses at its “reality labs”,...