Meta is making an investment in artificial intelligence company Scale and recruiting Chief Executive Alexandr Wang to join a team developing “superintelligence” at the tech giant.

Alexandr Wang, once the youngest self-made billionaire in the world, has agreed to join Meta to work on AI “superintelligence,” leaving the startup that made him rich after dropping out of MIT. Alexandr Wang’s Scale AI just inked a $14.

Allen Bond, portfolio manager at Jensen Investment Management, bought Meta shares for the first time in recent weeks, in part because of the company’s aggressive spending on AI. He also cited improved operational efficiencies and the shift away from the so-called metaverse, which prompted the company to change its name from Facebook in 2021.

Meta Platforms Inc. Chief Executive Mark Zuckerberg’s effort to scale up the company’s artificial-intelligence ambitions took their latest step forward with an investment in ScaleAI and the poaching of the the data-labeling AI startup’s founder.

Scale said late on Thursday that the deal values it at $29 billion and its CEO Alexandr Wang will join Meta to play a prominent role in the Facebook owner's AI strategy.

Meta Platforms Inc. keeps writing bigger checks in pursuit of its artificial intelligence strategy, and traders keep cheering it on, encouraged that the expensive bets will keep paying off.

The parent company of Facebook is investing $14.3 billion in Scale AI, which offers a platform and training data for developing AI models.