Meta To Become Formidable Contender in AI Space
AI System Development
Meta Platforms (META.us) is strategically positioning itself to become a formidable contender within the realm of artificial intelligence. This has ignited investor enthusiasm and bolstered the company's stock performance.
The Wall Street Journal reported that the company is actively working on the creation of an artificial intelligence system, aiming to match the impressive capabilities of OpenAI's most innovative model.
Meta has set its sights on unveiling the new system that is poised to outperform its previously released one, with an expected launch slated for next year. According to the report, the system is primed to be several times more powerful. Its primary objective is to empower other enterprises in delivering AI-driven text, analytical insights, and related services. To facilitate this endeavour, Meta is in the process of constructing data centres and securing the requisite innovative AI training chips from Nvidia (NVDA.us).
Technical Analysis
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Meta's EMAs are in bullish formation. Its green 20-day EMA is above its orange 50-day EMA, and its orange 50-day EMA is above its red 200-day EMA.
The green EMA has converged on the orange EMA as momentum has slowed. However, if the green EMA pulls away from the the orange EMA, a new positive momentum push will be denoted.
Russell Shor
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.
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