Tech biggie Meta Platforms (NASDAQ:META) said yesterday that it will not allow usage of its new generative artificial intelligence (AI) advertising tools for political campaigns. A company spokesperson said on Monday that while it’s too early to fathom the impact of AI-based tools, Meta is working to stop the spread of any kind of misinformation on elections and related topics.
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Meta’s generative AI ad tools, under its Ads Manager, can create backgrounds, image adjustments, and ad copies when prompted with text. The tool was initially available to a smaller group of advertisers in the spring for testing but has since expanded its access to a larger advertiser base.
Meta is careful about the GPT tools’ usage in regulated industries such as “Housing, Employment or Credit or Social Issues, Elections, or Politics, or related to Health, Pharmaceuticals, or Financial Services.” With 2024 being the Presidential election year, many social media companies are tightening their safety standards to avoid any kind of misinformation.
Is META a Buy, Sell, or Hold?
Based on 36 Buys and one Hold rating, META stock commands a Strong Buy consensus rating. Also, the average Meta Platforms price forecast of $384.62 implies 21.8% upside potential to current levels. Meanwhile, META stock has blasted 153.2%.
