Mark Zuckerberg, founder of one of the world’s largest tech companies, Facebook, has a newfound obsession for artificial intelligence (AI). Recently, Andrew Bosworth, head of the company’s technology, released a statement about Zuckerberg’s AI ambitions. This led to one Wall Street firm voicing concerns that the social media giant could one day be renamed to MetAI.
In the past 18 months, Facebook renamed itself to Meta, with Zuckerberg investing heavily in the metaverse which is the virtual world designed for artificial intelligence components. To some analysts, Bosworth’s statement signalled that Zuckerberg may be going a bit too far with his commitment to this expensive technology.
This included an advisory by the Bernstein analysts warning investors to be mindful of the company’s AI spending. There have also been reports that the company has dedicated a lot of resources to AI, including 2,000 Nvidia chips to train new generative AI models in the research groups. However, investing in AI could pay off in the long run—it can help improve Facebook’s core products, like ads and social media, when using artificial intelligence algorithms.
To make matters worse, some of the layoffs in the firm were associated with Zuckerberg’s lofty ambitions. Meta aims to keep spending on AI to a reasonable level, but this could be difficult, especially when competing with OpenAI, Microsoft and Google for advancements.
Facebook will report it’s quarterly results on 26 April, which will give investors and analysts an insight into their AI spending plans. The company is optimistic that AI will be the way forward and will help them stay ahead of the competition; but it remains to be seen whether Zuckerberg’s love for AI will cause more problems for the company.
Meta is a global online social media and social networking service headquartered in Menlo Park, California, United States. It was founded in 2004 and is considered one of the Big Five technology companies in the U.S., alongside Amazon, Apple, Google, and Microsoft. Mark Zuckerberg is the chairman, chief executive officer, and co-founder of Facebook. Zuckerberg served as the company’s chairman and chief executive until being replaced by Sundar Pichai, who is also the current CEO of Google. Zuckerberg was born in 1984 and studied computer science, psychology, and economics at Harvard. He is an internet entrepreneur who, in his early twenties, developed a range of software that resulted in the foundation of Facebook. Zuckerberg’s unique vision and commitment to making social media more accessible made him an international celebrity and one of the world’s most respected business leaders.
