As Meta (META) continues to pour money into A.I. infrastructure like data centers and GPUs, CEO Mark Zuckerberg warns investors it might take a while before his company’s A.I. bet pays off. Yesterday (July 31), the social media giant reported a 7 percent year-over-year increase in total costs during the April-June quarter, driven by A.I.-related expenses. On the earnings call, Zuckerberg told analysts it should come as no surprise that it may take “years” before its generative A.I. business becomes profitable.

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The good news is that Meta’s core advertising business is going strong. The company reported $39........

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