Meta plans investing $10 billion on Scale AI

Facebook's parent company, Meta Platforms (META), believes its AI tools could soon automate advertising campaign

Quick overview

  • Meta Platforms plans to invest over $10 billion in the AI startup Scale AI, with terms still being finalized.
  • Scale AI, backed by major tech companies like Nvidia and Amazon, is valued at nearly $14 billion and facilitates AI research collaboration.
  • Meta aims to automate advertising campaign creation using AI tools, allowing businesses to simply provide a budget and product image.
  • Mark Zuckerberg has indicated that advertisers will eventually only need to specify a business objective and budget for Meta's AI to manage the rest.

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.

Facebook Considers Supporting NFTs in its Novi Crypto Wallet

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.”.

 

ABOUT THE AUTHOR See More
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks the financial markets with over 15 years of working experience in investment trading.

Related Articles

HFM

Doo Prime

XM

Best Forex Brokers