OUCH: Meta Planning Sweeping Layoffs as AI Costs Mount.

Meta is planning sweeping layoffs that could affect 20% or more of the company, three sources familiar with the matter told Reuters, as Meta seeks to offset costly artificial intelligence infrastructure bets and prepare for greater efficiency brought about by AI-assisted workers.

No date has been set for the cuts and the magnitude has not been finalized, the people said.

Top executives have recently signaled the plans to other senior leaders at Meta and told them to begin planning how to pare back, two of the people said. The sources spoke anonymously because they were not authorized to disclose the cuts.

“This is speculative reporting about theoretical approaches,” Meta spokesperson Andy Stone said in response to questions about the plan.

If Meta settles on the 20% figure, the layoffs will be the company’s most significant since a restructuring in late 2022 and early 2023 that it dubbed the “year of efficiency.”

Previously: Meta boosts annual capex sharply on superintelligence push, shares surge.

Slightly More Previously: Zuckerberg Spends Big: $200M+ to Snag Apple’s AI Lead For Meta’s Superintelligence Team.

Just in case those getting laid off didn’t know where the money went.