Why Meta Platforms Stock Slumped on Discouraging AI Speculation Friday
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. 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." Image source: Getty Images.Continue reading
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.
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."
Image source: Getty Images.
