Meta stock drops 15% due to AI plans

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META STOCK DROPS 15% DUE TO AI PLANS 📉

Q: Why was the stock trader electrocuted?

A: He shorted Tesla. ⚡️

What happened? Shares in Meta experienced a sharp decline following the announcement of higher-than-expected spending on AI. Despite reporting strong earnings, the tech giant’s stock fell more than 15% in less than an hour after the announcement.

What is the vision? Mark Zuckerberg said his focus for the next year is to spend as much as needed to “get billions of people to use Meta AI.” The firm projects spending between $35 billion and $40 billion in 2024, surpassing earlier estimates. This aligns with Zuckerberg’s vision to make the most advanced AI technology available to everyone. The Meta team believes this is the best financial plan for long term success and reflects what they have always done: scale the project first before chasing profitability. This includes continually improving on Meta AI, updating ad-buying products, and continually finding ways to integrate AI features into its social media platforms.

What’s the beef? Shareholders don’t want Meta spending so much money on AI. Rather, many see more value in trying to profit off current innovations. This led many to abandon hope in the company’s future, explaining the tank in stock value. But while the increased AI spending dampened investor sentiment, Meta reported a 27% rise in first-quarter revenue to $36.46 billion and remains at the forefront of AI innovation.

NVIDIA-BACKED COMPANY RELEASES EXPRESSIVE AI AVATARS 😁

With all these deepfakes, I’m not even sure the mirror is telling me the truth anymore. 😳

What’s new? Nvidia-backed AI firm Synthesia unveiled a new wave of AI-generated digital avatars that can express human emotions in response to text inputs.

How does it work? Synthesia trains its system in a London studio, where actors read scripts in front of a green screen. The “Expressive Avatars” technology learns from these actors and can then interpret text lines prompting it to convey emotions such as happiness, sadness, and frustration through an AI-generated actor. Synthesia’s technology is already utilized by over 55,000 businesses (including half of the Fortune 100) for creating digital avatars in corporate presentations and training videos. The company has raised $90 million from investors in the last year to reach a current valuation of around $1 billion.

What does this mean? This innovation aims to blur the lines between virtual and real characters, eliminating the need for cameras, microphones, actors, and costly video production processes. It also introduces emotion-filled AI, opposed to the bland, robotic voice or expressionless content usually associated with the technology.

OPENAI, GOOGLE, META, AND MORE COMMIT TO CHILD SAFETY 🙏

There were over 104 million cases of child abuse reported in the past year. Tech companies are coming together to make sure AI doesn’t make this problem worse. 😔

What’s new? Some of the biggest names in AI have committed to a set of “Safety by Design” principles to ensure safety for children in wake of AI development.

What is Safety by Design? This set of principles was developed by a child safety group called Thorn. The highlighted principles include the following:

• Develop, build and train generative AI models that proactively address child safety risks.

• Release and distribute generative AI models after they have been trained and evaluated for child safety, providing protections throughout the process.

• Maintain model and platform safety by continuing to actively understand and respond to child safety risks.

What’s the point? Last year, almost 5,000 harmful and disturbing AI-generated deepfake images and videos of children were reported. This is just the tip of the iceberg, as children remain a vulnerable threat to the exploitation and influence of AI. That is why companies such as Amazon, Anthropic, Google, Meta, Microsoft, Mistral AI, OpenAI, and Stability AI publicly committed to these Safety by Design principles.

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