In the race to become a big new name in artificial intelligence, several stocks are working to become AI stocks, even if they weren’t before. That’s the case for Meta Platforms (NASDAQ:META), as it just rolled out a new AI tool that will handle a variety of use cases under one umbrella. Investors, however, aren’t excited about this, and that’s sending the stock down fractionally in Tuesday afternoon’s trading.
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The tool, dubbed SeamlessM4T, can not only carry out speech-to-text translation like several other dictation tools can, but it can also translate speech-to-speech, text-to-text, and even text-to-speech, accomplishing in one package what would take several separate tools to do. It’s also going to be available for a public release, giving a range of researchers and developers access to the tool under a common research license.
That’s not all Meta has in store, though. It’s also working to bring out a web-based version of Threads in an attempt to take out the former Twitter now known as X. Threads has not been doing well, pretty much since its launch. But establishing a web-based version may open up the platform sufficiently that other potential users will step in and get behind it. That combination of a newly-opened messaging platform and a readily-accessible AI tool that can carry out several different functions at once might be enough to give Meta a boost.
Analysts, meanwhile, are almost completely behind Meta. With 40 Buy ratings and two Hold, Meta Platforms stock is considered a Strong Buy by analysts. Further, with an average price target of $377.27, Meta Platforms stock offers investors 30.36% upside potential.
