<p class="ingestion featured-caption">Ronny Hartmann/Getty</p><ul class="summary-list"><li>Meta reports second-quarter earnings on Wednesday.</li><li>Investors will be watching closely for signs that big AI spending is paying off.</li></ul><p><a target="_blank" href="https://markets.businessinsider.com/stocks/meta-stock">Meta</a> will report second-quarter earnings on Wednesday after the closing bell.</p><p>While Meta has built up its AI capabilities in a big way, having stockpiled <a target="_blank" rel=" nofollow" class href="https://engineering.fb.com/2024/03/12/data-center-engineering/building-metas-genai-infrastructure/#:~:text=The%20future%20of%20Meta's%20AI%20infrastructure&text=future%20of%20AI.-,By%20the%20end%20of%202024%2C%20we're%20aiming%20to%20continue,equivalent%20to%20nearly%20600%2C000%20H100s."><u>about 600,000 H100 GPUs from Nvidia,</u></a> its main driver of earnings remains its product platforms including Instagram, Reels, Facebook, and Messenger.</p><p>The company will be vying to prove to investors that its massive investment in AI chips is worth it, as it's shown minimal progress so far in monetizing its sizable investment.</p><p><a target="_blank" rel="noopener" href="https://markets.businessinsider.com/stocks/meta-stock"><u>Meta's stock</u></a> was up 31% year-to-date through Tuesday's close, handily outpacing the the <a target="_blank" rel="noopener" href="https://markets.businessinsider.com/index/s&p_500"><u>S&P 500</u></a>'s 14% gain.</p>