![]() ![]() Last week, the social media giant announced its own new large language model, LLaMA, stating that its models are different to its rivals because they openly available to researchers and that they are smaller and less expensive to use than larger models. “We have a lot of foundational work to do before getting to the really futuristic experiences, but I’m excited about all of the new things we’ll build along the way.” There are signs things are turning around, though. “We’re exploring experiences with text (like chat in WhatsApp and Messenger), with images (like creative Instagram filters and ad formats), and with video and multi-modal experiences,” he said. The value of its stock fell by 65 percent year over year, it laid off 11,000 people, and employee morale has suffered. He’ll keep building the metaverse, but he’ll focus most of his time on improving Meta’s core social media business (Facebook and Instagram). Zuckerberg said the new team would build “creative and expressive” tools to be used inside Meta’s products. Zuckerberg says he has a plan to reverse the slump. The new group will be organized under current Chief Product Officer Chris Cox. Subscribe to Charged Retail for freeĬlick here to get the latest retail tech news free in your inbox each day Meta founder Mark Zuckerberg said the unit will combine several teams across the company, he wrote in a Facebook post. It comes after a wave of tech firms including Microsoft and JD.com moved to edge into the space after OpenAI released ChatGPT to much acclaim. Zuckerberg has moved thousands of workers into different teams for the metaverse, training their focus on aspirational projects like hardware glasses, wearables and a new operating system. Generative AI tools allow computers to write copy and create other media that resembles a human. “I think there’s a number of different products and platforms that we’re building, where we think we’re doing leading work that will become…launching consumer products and then eventually mature products at different cadences, different periods of time over the next five to 10 years,” Zuckerberg said on a Thursday earnings call.Meta is creating a new product team to focus on generative AI similar to that of OpenAI’s ChatGPT and Google Bard. Zuckerberg has sought to inoculate investors against the company’s underwhelming economic performance by pointing to expected long-term gains. Zuckerberg Tells Staff to Focus on Video Products as Meta’s Stock Plunges (Bloomberg) - Mark Zuckerberg quipped that if he started to cry, it wasn’t because of the day’s news.Most Read from. “These companies are really important bellwethers on advertising and on flows of goods and services… If advertising growth is slowing over there, it is adding weight to that fear of an earnings slowdown,” chief investment officer Fahad Kamal of Kleinwort Hambros told the Wall Street Journal. The decline was pushed by news that its revenue growth slowed to its lowest level in over two years while YouTube (also owned by Alphabet) reported its first ever advertising sale drop off. The latter reported a 14 percent decline in profits stemming from PC licensing revenues drying up.Īlphabet’s stock dropped by over nine percent in its worst single trading day since the pandemic began back in March 2020. ![]() ![]() Meta’s woes have been part of a broader tech bruising seen this week as major companies such as Alphabet (Google’s parent company) and Microsoft have reported underwhelming earnings. ![]()
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