Meta Platforms Expands Presence in AI Sector

Meta Platforms, the parent company of Facebook and Instagram, is solidifying its position as a key player in the artificial intelligence (AI) industry. In a recent development, Meta has announced its plans to venture into one of the fastest-growing sectors of technology, which has positively impacted the company’s stock performance.

According to reliable sources cited by The Wall Street Journal, Meta is currently working on a cutting-edge AI system that aims to match the capabilities of OpenAI’s most advanced model. OpenAI, known for its revolutionary ChatGPT technology, has established itself as a dominant force in the field of AI, generating significant excitement and driving up the value of tech stocks, thereby boosting the S&P 500 index.

Meta’s new AI system, expected to surpass the power of its previously released model, is projected to be operational by next year. The primary objective of this endeavor is to facilitate other companies in providing AI-powered text analysis and related services. In order to achieve this goal, Meta is not only constructing data centers but also procuring advanced chips from Nvidia (NVDA) for training their AI algorithms.

As a result of this announcement, Meta experienced a 1.3% rise in premarket trading on Monday. This surge outperformed the gains recorded in futures contracts tracking the tech-heavy Nasdaq Composite, which saw an increase of 0.6%.