Meta’s Metaverse Moves: New AI Tools for Businesses and Investments in AI Innovation
Meta is expanding its offerings for businesses with the launch of new artificial intelligence (AI) tools. The company has announced that advertisers can now use AI to generate images for their advertising campaigns. Businesses can provide an image of their products to the AI and receive a set of new backgrounds for it. Additionally, Meta plans to enable businesses to use text prompts to further customize their images, which will be available in the coming months.
In addition to this, Meta is introducing new text generation features that allow businesses to create ad headlines as well as the main ad copy. The company is testing ways for the AI to replicate businesses’ various tones and voices by highlighting key selling points based on past campaigns. This feature will be powered by Meta’s large language model Llama 3, with plans to make ad text generation available worldwide by the end of the year.
The unveiling of these new AI tools comes after Meta announced increased funding for AI innovation during its latest earnings call on April 24. The company aims to spend $5 billion more than initially planned on developing new AI products for consumers, developers, businesses, and hardware manufacturers. Meta’s spending on AI and the metaverse-development division Reality Labs is projected to range from $35 billion to $40 billion by the end of this year. However, despite this investment in AI, there was a 15% drop in Meta’s stock after the announcement was made.
The focus on AI at Meta has raised questions about its profitability. Muddu Sudhakar, CEO of generative AI company Aisera, compared this current focus on AI with past technology shifts such as transitioning from on-premises computing systems to cloud computing or transitioning from desktop computers to mobile devices. He emphasized how important it is for mega-tech companies like Microsoft, Google, Meta or Amazon continue investing billions of dollars in
