Meta Platforms (NASDAQ: META) might operate some of the most durably popular social media sites in the world, but this didn’t translate into love for the stock on Friday. On news that a potentially hot product rollout will be delayed, investors traded out of Meta to leave its shares with a 0.6% price loss on the day. Meanwhile, the S&P 500 index closed higher by roughly the same percentage.
Continued delays
Towards the end of Thursday’s trading session, The Wall Street Journal reported that Meta is delaying the launch of its flagship artificial intelligence (AI) model. Citing unnamed “people familiar with the matter,” the financial newspaper reported that company engineers are struggling to improve the functionalities of the model, code-named “Behemoth.”
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The article stated that Behemoth was originally to be introduced in April, in time for Meta’s first-ever specialized AI conference for developers. The company pushed the launch to June; now the plan is to introduce it in the fall — or even later.
Meta clearly has vast ambitions for AI, which is understandable given how the technology might enhance a great many aspects of social media. Company founder and CEO Mark Zuckerberg has waxed enthusiastic numerous times about this potential to the point where he speculated that users could eventually make AI friends and avail themselves of AI therapists.
Meta has not yet officially commented on the Journal report.
Shrug it off
I’m no longer a Meta investor, but if I were, I doubt I’d be very concerned about this apparent development. Especially with a powerful technology, it’s more important to get it right than to rush an introduction, and it’s not as if AI is make-or-break for the company — it continues to do gangbusters business with its unbeatable social media portfolio as is.
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Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Meta Platforms. The Motley Fool has a disclosure policy.