
Mark Zuckerberg racing to create first multi-gigawatt AI data centre
The first multi-gigawatt data centre, named Prometheus, is anticipated to be operational by 2026, with another, Hyperion, designed to scale up to 5 gigawatts in the coming years.
Zuckerberg justified the substantial spending by highlighting the strength of Meta's core advertising business, despite investor concerns about the expenditure.
Meta recently reorganised its AI efforts into a new division, Superintelligence Labs, following previous setbacks, with expectations of generating new revenue streams.
The company has raised its 2025 capital expenditure to between $64 billion and $72 billion to bolster its competitive standing against rivals such as OpenAI and Google.
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The Independent
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- The Independent
Trump calls it ‘highly unlikely' he'll fire Fed chair Powell after reportedly telling House GOP he ‘likely will soon'
Less than a day after telling a group of House Republicans that he planned to sack the head of America's independent central bank after months of grousing over interest rates he says are too high, President Donald Trump appeared to back down from the unprecedented move, telling reporters on Wednesday it was 'highly unlikely' that he would upend nearly a century of precedent by attempting to sack Federal Reserve Board of Governors Chair Jerome Powell. Speaking in the Oval Office during a media availability alongside the Crown Prince and Prime Minister of Bahrain, Trump was asked whether he was considering attempting to remove Powell from his position, a move that would potentially trigger months of litigation and spook financial markets. He replied with a derisive stemwinding set of remarks in which he assailed Powell for not pushing the central bank's board to cut interest rates, citing the European Central Bank's multiple rate cuts in recent months, and accusing Powell of only having assented to cuts during last year's election to benefit the Democratic candidate, former vice president Kamala Harris. 'The only time he cut him was just before the election to try and help Kamala or Biden, whoever the hell it was, because nobody really knew ... I think he does a terrible job. He's costing us a lot of money,' Trump said. But the president added later that he isn't planning to fire Powell. 'No, we're not planning on doing anything,' he said. 'So he's doing a lousy job. But no, I'm not talking about that. We get, fortunately, we get to make a change in the next, what, eight months or so, and we'll pick somebody that's good.'


The Independent
a few seconds ago
- The Independent
Pie Company that appeared on ‘Shark Tank' files for bankruptcy
A gourmet pie company that pitched to billionaires on Shark Tank earlier this year has filed for bankruptcy amid a pending lawsuit. Joyebells, a family-run bakery in Virginia that launched in 2019, initially achieved success thanks to a string of local media appearances following its launch, culminating in a 2022 appearance on Today. The bakery's biggest hits were its sweet potato, peach, and pumpkin pies. CEO Joye Berry-Moore took her pies to Shark Tank in February, and despite being praised for the quality of her baked goods, the sharks ultimately decided not to invest in the company. Now, just five months later, Joyebells has filed for Chapter 11 after being sued by its main lender for defaulting on a $350,000 loan, according to Richmond BizSense. On June 30, Locus Bank – formerly known as VCC Bank – filed the suit in Henrico Circuit Court, naming Joyebells LLC, Joye Berry-Moore, and her husband, Eric Moore, as defendants. The bank states that it loaned Joyebells up to $350,000 in May 2023, but after the loan was renewed last year, the maturity date was set for May 11, 2025. On May 12, Locus sent the company a default notice and demanded payment from Joyebells, according to court filings. The bank is seeking a minimum of $344,500 from the pie company. Three days before the maturity date, Berry-Moore and her husband filed for personal bankruptcy, court records show, as seen by Richmond BizSense. In the court filing, the couple stated that their debts, totaling around $1.27 million, were a combination of business-related expenses and credit card debt. Two names that appeared, both claiming to be owed money, include the Internal Revenue Service, with a claim of $144,000, and Apple Valley Foods, a Minnesota pie manufacturer, which is owed $570,000. Berry-Moore's had credited her business with turning her life around after she went from being homeless to 'becoming a first-generation business owner.' 'I ran away from home at 14 years of age and remained homeless until age 17 years old until the end of my senior year of high school. I lived in abandoned houses and ate out of dumpsters in South Dallas, Texas,' she states on the company's website. However, the legal battle is not the first challenge experienced by the baked goods company. It previously faced problems in 2023 when over 315,000 of its peach pies were pulled from shelves after a manufacturing issue led to the pies being made with unripened peaches, according to Richmond Bizsense. This resulted in reduced profits as Joyebells only sold products through QVC in 2024.


The Independent
a few seconds ago
- The Independent
NIH executive fired amid allegations of steering $3.3 million contract to company that named his wife as a potential staffer
A senior leader at the National Institutes of Health has been fired as officials investigate a multi-million-dollar contract with a company that named his wife among potential staff. NIH Chief Operating Officer Eric Schnabel was escorted out of the agency's headquarters in Bethesda, Maryland, on Monday, The Washington Post reports, citing three anonymous officials with knowledge of the incident. He was hired in April, and his departure was so abrupt that some of his employees still showed up to meetings scheduled with him for Tuesday, only to discover he had been fired, according to the outlet. Eric Schnabel was removed from his post as the agency investigates a $3.3 million contract to Argo Chasing, a Louisiana company that named his wife, Trish Duffy Schnabel, on a list of prospective staff, the Post reports. The NIH approved the contract earlier this month. The award is designed to support research on several topics, including counterintelligence, strategic research security and autism, the Post reports. Health and Human Services Secretary Robert F. Kennedy Jr. vowed to direct agency resources toward researching autism earlier this year. Trish Schnabel is a licensed professional counselor. She would have been among those supported by the contract, but she would not have received the full $3.3 million, the anonymous officials told the Post. She was being onboarded as a senior analyst in the company's Division of Program Coordination, Planning, and Strategic Initiatives, the Post reports, citing an internal company document. Trish Schnabel also appears to have competed on the U.S. game show Wheel of Fortune in January 2020, winning tens of thousands of dollars, including $50,000 from the bonus round. Eric Schnabel joined the NIH in April, as Elon Musk's Department of Government Efficiency was gutting federal agencies. He came to the NIH after more than 20 years in the U.S. Army. An NIH spokesperson told The Independent the agency does not comment on personnel matters. Argo Chasing also declined to comment. The NIH saw widespread cuts to their agency this spring, forcing them to abruptly cancel more than 2,000 research grants valued at more than $12 billion. These cuts have impacted patients in clinical trials, with the agency forced to cut off medication regimens to some participants or leave them with unmonitored device implants, the Associated Press reports. Nearly 100 NIH staff sent a letter to the agency's leader, Jay Bhattacharya, last month expressing concerns with the cuts. "The life-and-death nature of our work demands that changes be thoughtful and vetted. We are compelled to speak up when our leadership prioritizes political momentum over human safety and faithful stewardship of public resources," the letter reads. "Many have raised these concerns to NIH leadership, yet we remain pressured to implement harmful measures,' it continues. 'Today, we come directly to you."