Google has struck a six-year cloud computing deal with Meta Platforms worth more than $10 billion, a source familiar with the matter told Reuters on Thursday, the search giant's second big agreement recently after one with OpenAI.

Meta has signed a six-year deal to use Google’s cloud-computing services as it builds out its AI infrastructure.

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.