Meta's strong earnings report sent its stock soaring after hours. The company also made it clear that the AI talent wars come with a hefty price tag.

In the midst of an artificial intelligence spending spree, Meta posted stronger-than-expected results for the second quarter, buoyed by growing ad revenue even as its expenses increased.

Meta Platforms shares surged in after-hours trading after it blew out second-quarter earnings expectations Wednesday afternoon. Along with Alphabet’s second-quarter earnings report last week, Meta’s release reveals a lot of strength in digital advertising,