Meta Platforms, the parent company of Facebook, surged in trading today following the debut of its latest artificial intelligence model, as CEO Mark Zuckerberg sets his sights on dominating the AI landscape. The tech behemoth, valued at over a trillion dollars, unveiled the newest iteration of its Meta AI assistant, touted by Zuckerberg as “the most advanced AI assistant freely available.” This move underscores Meta’s commitment to harnessing cutting-edge technology to bolster its suite of services.
The upgraded Meta AI, powered by the state-of-the-art Llama 3 language model, is poised to take center stage across Meta’s platforms, including Instagram, Messenger, WhatsApp, and Reels. Additionally, Meta launched a dedicated website for the AI assistant at Meta.ai, signaling its intention to expand the accessibility and integration of AI-powered interactions. “Thanks to our latest breakthroughs with Meta Llama 3, Meta AI is now sharper, swifter, and more entertaining than ever,” Meta remarked in a press release.
In response to the unveiling, Meta’s stock ascended by 1.5%, reaching a closing price of $501.80 on Thursday. Meta has made substantial investments in AI technology in recent years, aiming to rival prominent AI models like OpenAI’s ChatGPT. Zuckerberg articulated Meta’s ambition, stating in a communication on Threads that the company is steadfast in its pursuit to “forge the preeminent AI globally.” The revamped Meta AI website mirrors features akin to ChatGPT, furnishing users with a prompt bar and real-time web search capabilities. Meta’s promotional material highlights diverse applications for the AI assistant, from recommending restaurants with specific preferences to organizing weekend activities.
Furthermore, Meta has released two Llama 3 models to the public domain, enabling external developers to leverage the technology across major cloud platforms, including Amazon, Microsoft, Alphabet, Snowflake, and IBM. While Meta refrains from levying charges for the utilization of its AI models, the corporation anticipates substantial dividends from its investments in AI innovation. Zuckerberg has previously emphasized to analysts that Meta perceives AI tools as instrumental in enhancing user engagement and advertising revenue. The impending first-quarter earnings report, scheduled for Wednesday, April 24, will provide insights into Meta’s financial performance amid its AI-driven strategic pivot. Notably, Meta’s stock has exhibited robust growth, soaring by 46% year-to-date and an impressive 131% over the past twelve months, underscoring investor confidence in the company’s trajectory.
