MercadoLibre increased AI investment by $30 million quarter over quarter in the third quarter

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MercadoLibre increased artificial intelligence investment by $30 million quarter over quarter in the third quarter, saying AI usage is growing “much faster” than spending, with returns reflected in higher revenue, improved user experience, cost avoidance, and increased productivity. Its FinTech platform’s AI assistant Mago handles 19 million conversations per month, while AI has doubled the technology team’s output over the past year and freed up nearly 20% of the finance team’s working hours.