Meta Platforms (META.US) gains more than 2% after new, LLama3 training chatbots language model debut. Also, Bernstein analysts raised the price target on Meta to $590 from $535 previously, maintaining the outperform rating (19% above today price). New artificial intelligence training model, its latest company step to move forward with other large LLM companies such as Microsoft (OpenAI), or Alphabet (Google) and signal that Meta is really focused on AI business catalysts. However, effects of that trend may be not seen immediately and large part of that move is supported by very strong, speculative sentiment among AI stocks and BigTech.
According to the company, Llama 3, unveiled today, is an upgrade from an AI model that Meta released last summer. Meta's CPO, Cox claims that the previous model, Llama 2 (as the open-source) has been downloaded more than 170 billion times. Now, the world's biggest social media holding, is using Llama 3 to run in-app AI assistant (MetaAI). This 'AI agent' is in every Meta's product, even in AR glasses RayBan, and will be upgraded today. Markets expect that now company UX, ads and even virtual reality may be more profitable. MetaAI evolution may be also a proof that company expands fast and smoothly, despite large scale of operations and structure.
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Source: xStation5
