Meta Platforms (FB) plans to enhance the way people interact with Artificial Intelligence (AI) assistants. The company has unveiled Project CAIRaoke, a new module that will improve the development of virtual assistants. FB shares fell 1.80% to close at $198.45 on February 23.
Meta Platforms is the parent company of Facebook, Instagram, Messenger, WhatsApp, and Oculus. It develops and offers platforms that allow people to connect through mobile devices, personal computers, and other devices. Meta Platform’s upcoming earnings report for Q1 2022 is scheduled for April 27, 2022.
Project CAIRaoke features an end-to-end neural model that can enable more personal and contextual conversations than what people are used to with normal virtual assistants. The neural model will enhance the development of voice assistants that can interact with people in natural, conversational language.
Meta Platforms says Project CAIRaoke addresses obstacles synonymous with current conversational AI. In addition to interacting through conversations, the company says people will soon interact with virtual assistants through gestures.
Meta Platforms is already using one of the models that resulted from Project CAIRaoke to power its video-calling device Portal. It has also confirmed plans to integrate the technology into augmented and virtual reality products.
Earlier this month, China Renaissance Securities analyst Ella Ji downgraded Meta Platforms to a Hold from a Buy with a $280 price target, implying 41.09% upside potential to current levels. The analyst said stiff competition compounded by iOS privacy changes will significantly affect Meta Platform’s advertising revenue growth. The analyst has warned that pricing pressure for performance ads due to iOS changes and new privacy regulations in Europe poses significant risks on the advertising front.
Consensus among analysts is a Moderate Buy based on 32 Buys, 11 Holds, and 1 Sell. The average Meta Platforms price target of $332.14 implies 67.37% upside potential to current levels.
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