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Meta Platforms Inc. has finalized a multibillion-dollar investment in Scale AI and recruited the startup’s chief executive officer to join its artificial intelligence efforts — an unusual deal that signals a heightened push by the social media giant to catch up on AI development.

Scale AI, Inc. ("Scale" or the "Company"), the humanity-first AI company, today announced a significant new investment from Meta Platforms, Inc. (Nasdaq: META) that values Scale at over $29 billion. The agreement will also substantially expand Scale and Meta’s commercial relationship to accelerate deployment of Scale’s data solutions.