Meta, the parent company of Facebook and Instagram, has reported a strong profit of $13.5bn for the most recent quarter, exceeding market expectations and sending its shares up nearly 7 percent. The company’s revenue for the April-June period was $39bn, up 22 percent from the previous year, with a projected revenue of between $38.5bn and $41bn for the third quarter. CEO Mark Zuckerberg announced that Meta AI is on track to become the most used AI assistant globally by the end of the year.
On the other hand, tech giants like Microsoft, Alphabet, and Tesla reported mixed results in their recent earnings, causing some volatility in the stock market. The S&P 500 and Nasdaq indices experienced significant declines, indicating that investors may be reassessing the hype surrounding AI technology. Despite this, Meta remains committed to investing in AI and has released an open-source AI model to further its development.
Zuckerberg emphasized the importance of open-source technology in advancing AI, stating that it can increase human productivity, creativity, quality of life, and economic growth. He believes that open-source AI will ensure broader access to its benefits, prevent concentration of power in a few companies, and facilitate safer deployment across society.
Overall, Meta’s strong financial performance and focus on AI development position the company as a leader in the tech industry. With Meta AI poised to revolutionize the digital assistant market, the company is set to maintain its growth trajectory and reinforce its commitment to open-source technology for the advancement of AI.
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