Quick overview

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Meta Platforms plans to invest over $10 billion in the artificial intelligence startup Scale AI. The terms of the agreement were not yet finalized and could still change.

The tech behemoths Nvidia, Amazon, and Meta have backed Scale AI, a data labeling startup founded in 2016. Scale AI, which was last valued at almost $14 billion, also offers a platform for researchers to share information about artificial intelligence with contributors in over 9,000 cities and towns.

Facebook’s parent company, Meta Platforms (META), believes its AI tools could soon automate advertising campaign creation. Although Meta stock saw the news favorably, it’s not good for some large advertising companies

According to the Wall Street Journal, which cited anonymous sources, Meta wants to provide a tool that “enables brands to fully create and target ads using artificial intelligence by the end of next year.”.

Businesses only need to submit a budget and a picture of their product, with Meta’s AI advertising handling the rest. Meta’s chief, Mark Zuckerberg,  has previously hinted at this plan.

 Zuckerberg, in a conference call last August, stated, “Over the long-term, advertisers will just be able to tell us a business objective and a budget and we’re going to do the rest for them.”.