Meta Platforms’ (META) AI Assistant Has One Billion Users, Says Mark Zuckerberg

Meta Platforms (META) artificial intelligence (AI) assistant now has one billion monthly active users, according to company CEO Mark Zuckerberg.

The one billion milestone, which has been achieved across the company’s suite of apps, was announced at Meta’s annual shareholder meeting. Zuckerberg told the assembled crowd that Meta’s focus is to make Meta AI the “leading personal AI with an emphasis on personalization, voice conversations, and entertainment.”

The AI assistant vaulted to one billion users after Meta released in April a standalone app for the tool. Zuckerberg added that the plan is to continue growing Meta AI before building a business around it, saying that “a subscription service” is likely in the not-too-distant future.

Challenging ChatGPT

With Meta AI, the company run by Mark Zuckerberg is challenging the dominance of privately held OpenAI and its ChatGPT assistant. Other companies such as Alphabet (GOOGL), Microsoft (MSFT), and Apple (AAPL) are also developing AI assistants for public use.

“It may seem kind of funny that a billion monthly actives doesn’t seem like it’s at scale for us, but that’s where we’re at,” Zuckerberg told shareholders at the annual gathering. Meta Platforms has pivoted over the last two years to focus its capital expenditures and other resources on developing AI. META stock has gained 10% this year.

Is META Stock a Buy?

The stock of Meta Platforms has a consensus Strong Buy rating among 45 Wall Street analysts. That rating is based on 41 Buy, three Hold, and one Sell recommendations issued in the past three months. The average META price target of $696.12 implies 8.16% upside from current levels.

Read more analyst ratings on META stock