This is a contest among major tech companies for showcasing their AI competence with monthly updates, and today Facebook released its latest advance, Llama 3, which is the newest update of Meta.
The release of Llama 3 on Thursday was an upgrade from Llama 2 that was last year’s AI model from Meta. According to Chief Product Officer Chris Cox, about 170 billion mobile apps called Llama 2 have been downloaded. On the one hand, Llama 2 licensing provided open source, but on the other hand, its use was not unconstrained; for example, any company with more than 700 million users was obliged to request a permission before using it.
With Llama 3, Meta, the world’s top social media group, has adopted it and it is currently embedded within its proprietary in-app AI assistant named Meta AI. These assistants are available with multiple Meta products such as Facebook, WhatsApp, and its advanced Ray-Ban smart glasses. Furthermore, Meta will release an update on the MetaAI assistant today i.e., on Thursday.
Many of the top technology firms are in an intensive race among themselves to develop AI products and services, allocating considerable financial resources to procure leading-edge semiconductors and personnel to expand the scope of the models and other AI focused offerings. Meta is unique in that it uses AI not merely to improve video streams and suggestions but also for targeted ads and the augmented capabilities of its VR headsets.
As Cox stated, Llama 3 Industry’s marks the excellence of models in the scales that have not been seen before. He added that “We are now the vanguard instead of struggling to be the best-in-class”. On another note, Cox explained that there are already many modifications to the Llama 3 model in the pipeline that will be released further as the updates.
AI technology has been part of Meta’s products since a long time, but Meta has significantly increased its dependence on this emerging technology lately. Corporate leaders have over and over again harnessed the opportunities of AI in their public discourses. Investors are hopeful about how Meta plans to use the data in its wide range of products. As evidenced by the market response, shares rose by 2.7% to $507.25 at 1:2:00 pm New York time on Thursday and have jumped up 43% since the start of this year.
