Meta has announced the release of new artificial intelligence (AI) tools designed to help businesses create marketing materials. With these tools, companies can now use Meta’s AI to generate new backgrounds for their product images or resize them for different sizes and use cases. In the coming months, Meta plans to roll out a feature that allows businesses to use text prompts to further customize their images.
In addition to the image tools, Meta is also introducing new text generation features powered by its large language model Llama 3. These features will allow businesses to create ad headlines and main ad copy with the AI’s ability to replicate businesses’ various tones and voices based on past campaigns. This feature is expected to be available worldwide by the end of the year.
The launch of these new AI tools comes after Meta announced increased funding for AI innovation during its recent earnings call. The company aims to spend $5 billion more than originally planned on developing new AI products for consumers, developers, businesses, and hardware manufacturers. Meta’s spending on AI and its metaverse-development division Reality Labs is projected to range from $35 billion to $40 billion by the end of this year. However, despite this investment in AI, the announcement caused a 15% drop in Meta’s stock price.
The focus on AI at Meta has sparked questions about its profitability. Muddu Sudhakar, CEO of generative AI company Aisera, compared the current emphasis on AI with past technology shifts such as transitioning from on-premises servers to cloud computing or from desktop computers to mobile devices. He emphasized that megatech companies like Microsoft, Google, Meta or Amazon are investing billions of dollars in developing new AI products that will revolutionize how we interact with technology and each other.
Overall, these new AI tools provide an exciting opportunity for businesses looking