Shares in Meta Platforms (META) caught the eye today as it revived plans to develop facial recognition technology.
Super-Sensing Vision
Spurred on by a U.S. government seemingly more interested in boosting big business profits than privacy concerns, Meta is developing what has been described as “super-sensing” vision software that can recognize people by name.
According to a report in The Information, Meta, whose stock rose 2% today, is working on two pairs of smart glasses for next year. They are understood to be called internally “Aperol” and “Bellini.” There are also plans, reportedly, to add the technology to future AI-powered earphones with built-in cameras.
The piece goes on to report that Meta’s AI software could in time carry out tasks such as grabbing house or car keys if you’ve forgotten to leave the house with them or to remind you to do the shopping before coming home.
Privacy Concerns
The work on facial recognition has been a thorny issue for Meta given privacy concerns. However, the return to power of President Trump has changed the game. As outlined by The Information, the current Federal Trade Commission (FTC) does not like regulations that slow big businesses’ profits. Last month, FTC Commissioner Melissa Holyoak promised a “flexible, risk-based approach to privacy enforcement.” It has also stopped using labels like “surveillance advertising.”
That could be an issue for those people in the range of these super glasses. The Information said the glasses owner would have to opt-in to use the default mode, but those nearest them – those people having their faces scanned and named – won’t. At present, Meta’s Ray-Ban Meta glasses have a privacy feature where a light turns on while recording. However, Meta is said to be considering whether to have this light on future glasses or not.
Is META a Good Stock to Buy Now?
On TipRanks, META has a Strong Buy consensus based on 42 Buy, 2 Hold and 1 Sell rating. Its highest price target is $935. META stock’s consensus price target is $699.26 implying an 15.20% upside.
