Meta Platforms (META) is launching a $65 million political spending initiative to support state-level politicians favoring artificial intelligence development, with efforts starting this week in Texas and Illinois, The New York Times reported Wednesday, citing the company's representatives.

The effort targets regulatory threats posed by state laws that could hinder AI development, Meta representatives reportedly said.

Meta is launching two new super political action committees, or PACS, backing Democrats and Republicans, respectively, according to federal filings seen by the NYT. The company previously introduced two PACS, one focusing on California and the other funding Meta's spending in other states, the report added.

Early voting has begun in the first round of state primaries, due March 3, with runoffs in May for those who do not get 50% support, the report said.

Meta did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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