In the race to become a big new name in artificial intelligence, several stocks are working to become AI stocks, even if they weren’t before. That’s the case for Meta Platforms (NASDAQ:META), as it just rolled out a new AI tool that will handle a variety of use cases under one umbrella. Investors, however, aren’t excited about this, and that’s sending the stock down fractionally in Tuesday afternoon’s trading.
The tool, dubbed SeamlessM4T, can not only carry out speech-to-text translation like several other dictation tools can, but it can also translate speech-to-speech, text-to-text, and even text-to-speech, accomplishing in one package what would take several separate tools to do. It’s also going to be available for a public release, giving a range of researchers and developers access to the tool under a common research license.
That’s not all Meta has in store, though. It’s also working to bring out a web-based version of Threads in an attempt to take out the former Twitter now known as X. Threads has not been doing well, pretty much since its launch. But establishing a web-based version may open up the platform sufficiently that other potential users will step in and get behind it. That combination of a newly-opened messaging platform and a readily-accessible AI tool that can carry out several different functions at once might be enough to give Meta a boost.
Analysts, meanwhile, are almost completely behind Meta. With 40 Buy ratings and two Hold, Meta Platforms stock is considered a Strong Buy by analysts. Further, with an average price target of $377.27, Meta Platforms stock offers investors 30.36% upside potential.
