Social media giant Meta Platforms (NASDAQ:META) is building a new team that will help it aggressively pursue its aim to advance in the generative artificial intelligence (AI) space. Generative AI is a category of AI technology that can generate text and audio, draw pictures, and create other media.
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Meta Platform’s AI Goals
“We’re creating a new top-level product group at Meta focused on generative AI to turbocharge our work in this area,” said CEO Mark Zuckerberg in a post on Facebook and Instagram. Meta is combining multiple teams working on generative AI across the company into one group that will incorporate this disruptive technology into different products.
Zuckerberg further stated that in the near term, the company will focus on building “creative and expressive tools.” In the longer term, Meta intends to develop “AI personas” that will be capable of helping people in different ways. “We’re exploring experiences with text (like chat in WhatsApp and Messenger), with images (like creative Instagram filters and ad formats), and with video and multi-modal experiences,” added Zuckerberg.
A Meta spokesperson confirmed to Reuters that Ahmad Al-Dahle will lead the new AI team, which will report to Chris Cox, the company’s chief product officer.
Meta’s decision to form a new group for AI comes at a time when several small and big tech companies are rapidly investing in and advancing their AI ambitions. The launch of the AI chatbot ChatGPT, developed by OpenAI (a startup backed by several investors, including Microsoft (MSFT)), in November 2022 triggered tremendous interest about AI applications.
Following Microsoft’s announcement of the integration of generative AI into its Bing search engine and Edge browser, Alphabet (GOOG, GOOGL) released Bard, Google’s experimental conversational AI service, earlier this month. Several other tech companies, including Alibaba (BABA), Baidu (BIDU), and Tencent (TCEHY) are also working on ChatGPT-like technologies.
What is the Price Target for Meta Platforms?
Wall Street’s Strong Buy consensus rating for Meta Platforms is based on 34 Buys, six Holds, and two Sells. The average Meta stock price target of $215.20 implies nearly 27% upside from current levels.
