Meta Platforms (META) has announced that it plans to release a standalone artificial intelligence (AI) app as it moves to compete more directly against OpenAI’s ChatGPT.
CNBC is reporting that Meta Platforms plans to launch an AI app similar to its family of social media apps that includes Facebook, Instagram and WhatsApp. The Silicon Valley-based company intends to debut its new “Meta AI” app in this year’s second quarter.
The AI app is seen as a shot across the bow of privately held OpenAI, whose ChatGPT chatbot is widely viewed as the leading AI app within the U.S. The new AI app also comes as Meta CEO Mark Zuckerberg plans to make his company the leader in AI by the end of this year, moving ahead of competitors such as OpenAI, Microsoft (MSFT), Alphabet (GOOGL), and others.
AI Initiatives
Meta’s new standalone AI app follows the launch of the company’s Meta AI chatbot in September 2023, marketing it as a generative AI-powered digital assistant that can provide responses and create images based on user prompts. Meta has also integrated AI into some features found on Facebook, Instagram, WhatsApp and Messenger.
However, this would be the company’s first standalone AI app available for download and use on smartphones similar to ChatGPT and the Chinese app DeepSeek. Meta Platforms also reportedly has plans for a paid subscription service, similar to how OpenAI charges users monthly fees for users to access its ChatGPT app.
META stock has risen 39% over the last 12 months.
Is META Stock a Buy?
The stock of Meta Platforms has a consensus Strong Buy rating among 48 Wall Street analysts. That rating is based on 44 Buy, three Hold, and one Sell recommendations issued in the past three months. The average META price target of $764.61 implies 14.17% upside from current levels.
