Meta's AI gambits; Amazon's antitrust fight with FTC: Weekly tech roundup
By Louis Juricic and Sarina Isaacs
Investing.com — Here is your weekly Pro Recap on the biggest headlines out of a big earnings week for tech: Meta AI wows analysts, Micron forecasts a big loss, Amazon is sued by the FTC, Apple dealing with scorching iPhone temps.
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Wall Street analysts are positive on Meta (NASDAQ:META) after the company unveiled new artificial intelligence (AI) features and showcased its latest range of head-worn devices at its annual “Connect” developers conference this past week.
The new products include AI-enabled Ray-Ban smart glasses that can livestream what a user is seeing directly to Facebook and Instagram, as well as a newly updated virtual-reality headset. The company also presented a new AI chatbot and a studio for developers to create brand-specific chatbots.
Analysts are particularly optimistic about the AI potential.
Oppenheimer wrote that the updates show that the company «understands investors want more focus on AI vs. the Metaverse,» reiterating its Outperform rating on the company, and Evercore analysts said of the smart glasses: «All in, this is a solid update, and we believe an important step towards mass adoption of AR/VR technology.»
UBS said it was «positively surprised by the level of innovation going on at Meta, the series of products likely to boost engagement, and a clear path to medium-term monetization potential of genAI products.»
And Bank of America said the event «offered early signs on how Meta will use AI to help drive user engagement (chat and image creation) and new business services,» adding, «We expect a number of AI based advertiser tools to help with ad
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