Social media giant Meta Platforms’ (NASDAQ:META) founder and CEO, Mark Zuckerberg, gave an update about the company’s efforts regarding artificial intelligence in an Instagram post on Thursday. Zuckerberg stated that Meta plans to bring its two major AI research efforts, FAIR (Fundamental AI Research) and GenAI, “closer together.”
The CEO added that the company was also working on its next-generation AI model, Llama 3. It was also building up a massive computing infrastructure by the end of this year that includes 350,000 of Nvidia’s (NVDA) H100 chips and “almost 600K H100 equivalents of compute if you include other GPUs.”
Zuckerberg noted in October last year that AI will be its “biggest investment area in 2024, both in engineering and computer resources.”
Is Meta a Buy, Sell, or Hold?
Analysts remain bullish about META, with a Strong Buy consensus rating based on 36 Buys and two Holds. Over the past year, META stock has surged by more than 100%, and the average META price target of $401.64 implies an upside potential of 6.8% at current levels.
