Meta Platforms Positioned for Growth in AI Industry, According to Barclays Analysts
The social media giant, Meta Platforms, formerly known as Facebook, is making bold moves in the world of artificial intelligence (AI), and analysts believe it’s set for massive growth. With its four mega-apps, including WhatsApp, Messenger, Instagram, and Facebook, Meta is poised to become an “interaction layer” that seamlessly integrates AI technology into user experiences.
Meta recently introduced new generative AI tools such as AI image editing on Instagram and chat stickers for its various platforms. The company aims to increase engagement among its over 800 million users in 2024, which could boost core ad revenue by a whopping $16 billion. However, this move may also come with significant costs, potentially exceeding $10 billion.
Barclays analysts, who maintain an Overweight rating and a $410 price target on Meta’s stock, believe that the combination of new services with an existing distribution mechanism is key for the widespread adoption of consumer internet products. The success of Snap’s AI chatbot, My AI, with over 150 million users in just seven months, is evidence of this approach.
Meta Platforms is also working on developing AI personas with a celebrity-infused theme to address various everyday consumer use cases, such as gaming, cooking, workouts, companionship, travel, and shopping. Barclays suggests that this strategy, coupled with the use of celebrities’ faces and expressions, could resonate well with non-tech-savvy consumers who are already active on WhatsApp and Instagram.
This news comes as other tech giants, including Google and Microsoft, are also rolling out new AI-powered offerings. Google recently unveiled a digital assistant powered by AI, while Microsoft announced the rollout of its AI-powered assistant.
It seems the AI industry is heating up, and Meta Platforms is at the forefront of this revolution. With its integrated AI technology and innovative approach to user engagement, Meta is set to take the tech world by storm.
So, what do you think about Meta’s AI ambitions? Will this move catapult Meta to even greater heights, or is it just another tech trend? Leave your thoughts in the comments below and let’s start a discussion!
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