Meta Platforms (META) is looking to bet on the future of artificial intelligence with AI-powered humanoid robots. The social media giant is building a new team within its Reality Labs hardware division that will be responsible for developing robots that can assist with physical tasks, such as household chores, according to Bloomberg.
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Meta’s vision is to create a platform that will enable the development of humanoid robots designed for the home. The company believes that its expertise in artificial intelligence, combined with data from its augmented and virtual reality devices, can help overcome the current limitations of humanoid robots. For example, current robots struggle with tasks that require dexterity, such as folding clothes or carrying a glass of water. Meta’s goal is to change that.
The project will be led by Marc Whitten, a veteran tech executive who recently joined Meta after leading General Motors’ self-driving car division, Cruise. Whitten will report to Meta’s Chief Technology Officer, Andrew Bosworth, and will work with a team of around 100 engineers. However, it is worth mentioning that this new initiative has not been officially announced yet, according to the report.
Is META Stock a Good Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on META stock based on 44 Buys, three Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 64% rally in its share price over the past year, the average META price target of $764.61 per share implies 3.6% upside potential.
