Social media behemoth Meta Platforms (NASDAQ:META) is in the process of developing a new artificial intelligence system with the goal of making it as powerful as OpenAI’s most advanced model, ChatGPT-4, according to the Wall Street Journal.
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Meta recently launched the Llama 2 model and is now looking to make the new AI model even more powerful. Mark Zuckerberg, the CEO of Meta, is looking to establish Meta as a key player in AI and to develop generative AI solutions that can churn out human-like expressions. The new AI solution could potentially assist businesses in developing services that offer highly sophisticated output.
Meta plans to commence training the new model early next year. Major tech companies around the world are racing to gain an upper hand in the AI landscape. Recently, Chinese tech giant Alibaba (NYSE:BABA) introduced two new AI models capable of comprehending images and executing complex conversations. Google (NASDAQ:GOOG) (NASDAQ:GOOGL) is also in the process of developing Gemini, its advanced large language model.
Overall, the Street has a consensus price target of $376.19 for Meta, accompanied by a Strong Buy consensus rating. The company’s shares have soared nearly 84% over the past 52 weeks.
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