Meta Platforms (META) CEO Mark Zuckerberg has outlined his vision for the company’s artificial intelligence (AI) strategy.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
In a letter, Zuckerberg discussed what he called “personal superintelligence” and the potential for AI to revolutionize life as we know it. The AI outlook comes ahead of Meta’s second-quarter financial results that are scheduled to be released after the stock market closes on July 30.
Zuckerberg did not outline specific products or applications that Meta plans to develop, but said he views AI as a tool for “personal empowerment” and efficiency. “This is distinct from others in the industry who believe superintelligence should be directed centrally towards automating all valuable work, and then humanity will live on a dole of its output,” wrote the Meta CEO.
AI Spending Spree
Meta has spent billions of dollars hiring top AI researchers and engineers in recent months, and Wall Street has been keen to hear what Zuckerberg has to say about the spending spree and his company’s plans for artificial intelligence.
Meta has also revealed a new business unit called “Meta Superintelligence Labs,” where employees work on creating foundation models such as the open-source Llama family of AI models, products, and various AI research projects.
“The rest of this decade seems likely to be the decisive period for determining the path this technology will take and whether superintelligence will be a tool for personal empowerment or a force focused on replacing large swaths of society,” wrote Zuckerberg in his letter, referring to AI.
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 and four Hold recommendations issued in the past three months. The average META price target of $761.55 implies 6.12% upside from current levels.
