Social media firm Meta Platforms (META) is entering the political arena with a new national super PAC called the American Technology Excellence Project, according to Axios. Indeed, the group will be run by Republican strategist Brian Baker and Democratic consulting firm Hilltop Public Solutions, with the goal of supporting state candidates from both parties who back AI technology. Meta said that nearly 1,100 state-level bills on AI have been introduced this year, and the company sees the PAC as a way to stop rules that could slow down innovation.
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The PAC’s main focus will be to promote U.S. technology, encourage AI development, and give parents more control over how their kids use AI apps. In addition, Meta’s public policy chief, Brian Rice, warned that inconsistent state regulations could hold back investment and growth, and argued that state lawmakers are key to keeping the U.S. ahead in technology. This comes after Meta recently created a California-based PAC called Mobilizing Economic Transformation Across California, which also aims to elect pro-AI candidates and prevent strict state rules that could weaken California’s role as a tech leader.
Unsurprisingly, other AI companies are making similar moves. In fact, OpenAI President Greg Brockman, AI startup Perplexity, and venture capital firm Andreessen Horowitz invested over $100 million in a political group called Leading the Future. This PAC is working to set a clear AI policy agenda at both the state and federal levels. It is led by Republican strategist Zac Moffatt and Democrat Josh Vlasto and will operate through a network of super PACs and advocacy organizations.
Is Meta a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Strong Buy consensus rating on META stock based on 42 Buys, six Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average META price target of $875.65 per share implies 16% upside potential.
