Meta’s capital expenditures for this year are expected to range from $60 billion to $65 billion, the New York Times reported, citing a Facebook post from the company leader. That’s a massive jump from the $38 billion to $40 billion the company spent last year.

Meta Platforms plans to spend between $60 billion and $65 billion this year to build out AI infrastructure, CEO Mark Zuckerberg said Friday, joining a wave of Big Tech firms unveiling hefty investments to capitalize on the technology.