KEY TAKEAWAYS Meta Platforms has reportedly agreed to spend more than $10 billion on cloud services from Google, as the search giant seeks to catch up with larger rivals in the space, namely Amazon Web Services and Microsoft Azure.

Meta Platforms Inc. has agreed to a deal worth at least $10 billion with Alphabet Inc.’s Google for cloud computing services, according to people familiar with the matter, part of the social media giant’s spending spree on artificial intelligence.

The six-year agreement reportedly gives Meta the compute power to support its AI expansion, including plans for 1.3 million GPUs and 1 GW capacity in 2025.