Investing.com -- Meta Platforms Inc (NASDAQ: META ). is preparing to invest nearly $1 billion in a data center project in central Wisconsin, according to Bloomberg News. This move is part of a broader initiative by the social media company to increase investments in artificial intelligence (AI) and cloud infrastructure.

In February, Wisconsin made an incentive agreement with an anonymous company, which used a pseudonym, to establish a data center in the state. The expected investment in this multiyear project is about $837 million, as per documents viewed by Bloomberg. An individual, who wished to remain anonymous due to the non-public nature of the information, identified Meta as the company behind this project.

The Wisconsin Economic Development Corporation told Bloomberg that it typically discloses the identities of the companies it collaborates with once a contract is approved.

Meta has previously announced its intention to spend up to $65 billion this year, with a primary focus on developing AI-focused infrastructure. This includes the construction of a large-scale facility in Louisiana.

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