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'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.

Meta Platforms, parent of Facebook and Instagra, stock surged after the social-media company blew out second-quarter earnings expectations.