In a major collaborative effort towards artificial intelligence (AI), social media platform, Meta Platforms (NASDAQ:META) has joined hands with IBM (IBM) and 50 other organizations and companies to launch an industry group, AI Alliance.
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The AI Alliance will be “focused on fostering an open community and enabling developers and researchers to accelerate responsible innovation in AI while ensuring scientific rigor, trust, safety, security, diversity, and economic competitiveness.”
The group will also look to ramp up the number of open-source AI models “with diverse modalities.” The alliance aims to develop an AI hardware accelerator ecosystem, promote the building of global AI skills, and engage in exploratory research. The Alliance involves various organizations, universities, and companies, including IBM and Meta, collaborating to launch projects and initiatives.
The AI Alliance will work through member-driven groups and a governing board and will partner with existing initiatives in the AI space.
Is Meta a Buy, Sell, or Hold?
Analysts remain bullish about META stock with a Strong Buy consensus rating based on 37 Buys and one Hold. Year-to-date, META stock has surged by more than 100%, and the average META price target of $387.71 implies an upside potential of 21.2% at current levels.
