Facebook parent Meta Platforms (META) has invested billions of dollars into artificial intelligence as it looks to keep pace with its Magnificent 7 competitors. The tech giant warned that this spending will only grow into next year and beyond.

Facebook parent Meta Platforms (META) saw its profits surge 35% in the third quarter, as it looks to show investors that its multi-billion dollar investments into artificial intelligence are bearing fruit.

The Silicon Valley company reported double-digit revenue and profit growth for the third quarter, driven largely by advancements in its systems for advertisement targeting and suggesting relevant posts and videos to users.