Just 18 months ago, Mark Zuckerberg made a bet on virtual reality and changed the name of his company to Meta. Analysts now half-jokingly predict that it may soon be called MetAI – due to the owner’s new obsession with artificial intelligence.
According to Meta CTO Andrew Bosworth, Zuckerberg and other top executives at the company now spend most of their time on AI-related issues. Bernstein analysts in a research email indicate:
“Follow Zuckerberg’s newfound love for all things AI. It looks like the performance year is coming to an end (we made it to April) and now a name change to MetAI (our best guess) is possible.”
Meta’s inclusion in the AI model competition alongside OpenAI, Microsoft and Google could cost the company dearly. Meta’s CFO said in October that AI will drive nearly all of the company’s capital spending growth in 2023.
Since then, Meta has scaled back its capital investment plans, but continues to buy the many NVIDIA chips needed to train generative AI models (around $10,000 each). The Meta AI research group used 2,048 NVIDIA A100 processors for 5 months to train a new set of language models, its head, Emad Mostak, said.
The area where AI Meta may find application in the near future is advertising:
“In terms of core business and advertising, how can we make advertising more relevant? These are machine learning algorithms, AI,” said Javier Oliván, chief operating officer of Meta, at a recent Morgan Stanley conference.
Since Oct. 25, when Meta said it was investing more in AI, NVIDIA shares have more than doubled in price, and Meta shares are up about 54%. Meta’s quarterly report is due tomorrow.
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Source: Insider
