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Meta Platforms (NASDAQ:META) Holds Off Launching Meta AI in Europe
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Meta Platforms (NASDAQ:META) Holds Off Launching Meta AI in Europe

Story Highlights

Meta Platforms is holding off on launching its AI assistant, Meta AI, in Europe because the Irish privacy regulator has concerns about using Facebook and Instagram content for training data.

Social media company Meta Platforms (NASDAQ:META) is holding off on launching its AI assistant, Meta AI, in Europe because the Irish privacy regulator has concerns about using Facebook and Instagram content for training data. However, this didn’t seem to bother investors much as shares were little changed at the time of writing.

Today’s news follows complaints from advocacy group NOYB in 11 European countries, which claims that Meta plans to use personal data without asking for user consent. NOYB has asked authorities to stop Meta’s privacy policy changes before they take effect on June 26.

In addition, Meta said that the Irish Data Protection Commission asked it to delay training their AI with content from Facebook and Instagram. In response, Meta said this decision hurts innovation and AI development in Europe. Nevertheless, the company will use this time to address concerns from the UK’s Information Commissioner’s Office before starting the training again.

Is Meta a Good Stock to Buy?

Turning to Wall Street, analysts have a Strong Buy consensus rating on META stock based on 37 Buys, three Holds, and two Sells assigned in the past three months, as indicated by the graphic below. After a 78% rally in its share price over the past year, the average META price target of $523.61 per share implies 4.22% upside potential.

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