Wall Street analysts have expressed positive comments regarding Meta Platforms (NASDAQ:META) following the firm’s annual “Connect” developers conference.
During the conference, Meta unveiled new artificial intelligence (AI) features and showcased its latest range of head-worn devices.
Analysts are particularly optimistic about the AI potential demonstrated by Meta, which suggests a promising direction for the company's future endeavors.
“We came away from Meta Connect, Day 1, 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,” UBS analysts wrote in a client note.
Some of the major announcements include the provision of additional details on the mixed reality Quest 3 headset, the introduction of Next-Gen Ray Ban Smart Glasses, the launch of Meta AI and 28 topic-specific chatbot, the presentation of AI Studio for developers to create brand-specific chatbots, etc.
Bank of America analysts commented:
“Event offered early signs on how Meta will use AI to help drive user engagement (chat and image creation) and new business services. We expect a number of AI based advertiser tools to help with ad creation and campaign management as well.”
Meta shares closed the day 0.4% lower.