Facebook owner Meta Platforms (META) unveiled a new AI model called “Movie Gen” today, capable of generating realistic video and audio clips based on user prompts. The social media giant claims this new tool rivals those from AI startups like Microsoft (MSFT)-backed OpenAI and ElevenLabs.
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Meta Demonstrates Movie Gen’s Capabilities
Meta provided several samples showcasing Movie Gen’s capabilities, including videos of animals swimming and surfing, as well as clips using real photos of people depicted in activities like painting on a canvas. In addition to generating visuals, Movie Gen can create background music and sound effects synchronized with the video content, enhancing the overall experience. Moreover, users can also edit existing videos with Movie Gen.
Wall Street Analysts Are Bullish about META’s AI Push
In a bid to get ahead in the AI race, Meta is heavily investing in data centers and computing power. At the same time, the company has been advancing other long-term projects, such as its Orion augmented reality glasses, which it introduced just last month.
Overall, Wall Street analysts are bullish on the company’s AI efforts. According to TipRanks “Bulls Say, Bears Say,” analysts optimistic about META have noted that its “investments in AI and Machine Learning (ML) are enhancing Reels monetization through recommendation, targeting, and measurement algorithms.”
Mark Zuckerberg Becomes the World’s Second Richest Person
Meanwhile, Mark Zuckerberg‘s Metaverse bet is paying off handsomely, pushing his net worth to $206.2 billion, according to the Bloomberg Billionaires Index. This has made Zuckerberg the world’s second-richest person for the first time, surpassing Amazon’s (AMZN) Jeff Bezos, whose net worth stands at $205.1 billion.
Is Meta a Buy, Sell, or Hold?
Analysts remain bullish about META stock, with a Strong Buy consensus rating based on 42 Buys, three Holds, and one Sell. Over the past year, META has surged by more than 90%, and the average META price target of $605.20 implies an upside potential of 3.3% from current levels.
