Mark Zuckerberg-led Meta Platforms, Inc. (NASDAQ:META) has introduced Llama 3.3 70B, a new AI model that outperforms competitors like Alphabet Inc.'s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google, OpenAI, and Amazon.com, Inc. (NASDAQ:AMZN).
What Happened: Announced on Friday, the model offers the performance of Meta’s largest Llama model, Llama 3.1 405B, but at a reduced cost.
According to Ahmad Al-Dahle, Meta’s VP of generative AI, Llama 3.3 70B leverages advanced post-training techniques to enhance core performance efficiently.
Taking to X, formerly Twitter, he shared a chart demonstrating the model’s superiority over Google’s Gemini 1.5 Pro, OpenAI’s GPT-4o, and Amazon’s Nova Pro on various benchmarks, including MMLU.
The model is available for download on platforms like Hugging Face and the official Llama website.
In a post on Threads, Zuckerberg noted that Meta AI, powered by Llama models, now has nearly 600 million monthly active users. The company is also building a $10 billion AI data center in Louisiana to support future Llama models.
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Why It Matters: Earlier in October it was reported that Meta plans to develop an AI-powered search engine to reduce its dependence on major tech players like Alphabet and Microsoft Corporation.
Meta has also made a shift toward nuclear power to support its AI ambitions. The company is seeking proposals for nuclear energy projects to power its AI initiatives, aiming for 1-4 gigawatts of new nuclear generation capacity in the U.S. by the early 2030s.
In its third-quarter earnings report, Meta reported a revenue beat of $40.59 billion, surpassing analyst expectations. The company also highlighted the strong momentum in AI.
Price Action: Meta’s stock rose 2.44% on Friday to close at $623.77 but dipped slightly by 0.08% in after-hours trading. So far this year, Meta shares have surged 80.13%, far outpacing the Nasdaq 100 index's 30.7% gain during the same timeframe, according to Benzinga Pro data.
The consensus price target for Meta, based on evaluations from 41 analysts, stands at $639.05, with Rosenblatt setting the highest target at $811 on Oct. 31. Latest ratings from Raymond James, Wells Fargo, and Citigroup average $673.67, pointing to a potential upside of 8%.
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