Meta Platforms is hosting its annual Connect developer conference today. Meta stock investors will be listening closely as Chief Executive Mark Zuckerberg details the tech giant's plans for the metaverse in the artificial intelligence era.
Zuckerberg's keynote presentation start 1 p.m. ET. The talk will be streamed live on Meta's Connect website. It also, naturally, will be available to watch in Meta's Horizon Worlds virtual reality platform.
Meta was the IBD Stock of the Day on Friday. The Facebook parent company has rallied back to new highs after a slump in July.
Meta trails only Nvidia as the top performer this year among the Magnificent Seven. Meta shares have added 60% year-to-date and are up 89% over the past 12 months. Further, Meta stock has a 96 Composite Rating out of a best-possible 99. The tech giant has a 93 Relative Strength Rating and a strong 96 EPS Rating.
This is live coverage of the event that will be updated with Meta's announcement and stock reaction. You can read a preview for Meta Connect here.
2:30 p.m. ET
Meta Stock Hits New High As Keynote Ends
That's a wrap on Zuckerberg's keynote.
While not naming names, he said Meta is taking a more "open" approach to the future of technology.
"In every generation of technology, there is competition of ideas for what the future should look like," Zuckerberg said. "At Meta, we are trying to build a future that is more open, more accessible, more natural, and more about human connection."
Investors apparently liked what they heard from the Facebook founder. Meta stock is up around 2.2% at 576.13. Meta also reached a new intraday record high of 576.88.
The stock response for this year's event was more even-keeled compared to the 2023 Connect. Last year, Meta stock fell by 3% as Zuckerberg opened his speech talking about the new Quest 3 headset. Then the stock bounced back as the talk shifted to AI.
With this afternoon's gains, Meta stock is extended beyond a 5% buy range from a 542.81 consolidation pattern buy point identified by MarketSurge.
2:13 p.m. ET
Meta Previews Orion AR Glasses; Touted As World's Most Advanced Glasses
Zuckerberg is previewing Meta's Orion augmented reality glasses. The "fully functioning prototype" represents the "most advanced glasses the world has ever seen now."
The glasses feature, Zuckerberg said, holographic displays that adapt to its user's surroundings. The current prototype represents a project Meta started a decade ago.
"With Orion, we are getting closer to achieving the dream of Reality Labs to create the next major computing platform that delivers a deep sense of presence, like you were right there with another person," Zuckerberg said.
Zuckerberg played a video of people wearing the Orion prototype. Among them: Nvidia Chief Executive Jensen Huang, who was seen in the video saying "this is a big deal."
Still, the glasses won't be available commercially in the near term. Zuckerberg said they are currently an internal tool for Meta to build software.
1:58 p.m. ET
Smart Glasses Are 'New AI Centric Device'
Meta's Ray-Ban branded smart glasses have proved a surprise hit, as Zuckerberg touted
"For a little while, we were struggling to keep up with the demand," Zuckerberg said. "But I think we're on top of that now."
He called the glasses a new "AI centric device" On that note, he highlighted some new built-in AI features for the glasses. That includes the ability to ask follow up questions for Meta AI without saying "Hey Meta" each time.
The glasses will also be able to do live AI translation, as Zuckerberg highlighted in a live demo converting English to Spanish.
A "Reminders" feature, meanwhile, will take a picture on the glasses to pop up later.
"So if you're heading somewhere, no more forgetting where you parked," Zuckerberg said.
Meta stock now up 1.5%.
1:42 p.m. ET
Meta AI Nears 500 Million Monthly Users
Zuckerberg moved to AI. He said that Meta AI is on track to be the world's most used AI assistant by the end of the year.
He said the chatbot – which is integrated into parts of Facebook and Instagram– has 500 million monthly active users.
As previously reported by Reuters and the Wall Street Journal, Zuckerberg announced that Meta AI will soon offer responses in celebrity voices. The list includes John Cena, Judi Dench and Kristen Bell. An AI voice modeled after Awkwafina answered a question from Zuckerberg on stage.
"I think that voice is going to be a way more natural way of interacting with AI than text," Zuckerberg said.
Meta stock is up 1.2%.
1:33 p.m. ET
Zuckerberg Says Quest Building Computing Platform
Zuckerberg has previously touted the metaverse as an opportunity for Meta to build a new computing platform – one where it wouldn't necessarily have to answer to the rules of Apple and Google.
On that note, he highlighted the Quest's ability to act as a virtual workplace, with its Windows 11 Remote Desktop integration.
"This is the path to building a general computing platform," Zuckerberg said. "It's not just games – although it's really good at that – you're also gonna be able to use it for apps and watching videos and doing all the different things that you would do with the general purpose computer."
Zuckerberg also announced new games on the company's Horizon Worlds platform.
Meta stock is up 1%.
1:21 p.m. ET
Zuckerberg Kicks It Off
Zuckerberg's keynote is underway.
The Facebook founder opened his talk by announcing that a lower cost version of its Quest 3 virtual reality headset will go start sales Oct. 15. The Quest 3S is priced at $299.
Further he said that the "stuff we've been talking about a long time" including mixed reality and AI has arrive.
"We can start to see how the future of computing and the future of human connection are going to look," Zuckerberg told the audience at Meta's Menlo Park, Calif. office.
Meta stock was up 1.1% at 569 as the event got started.
12:12 p.m. ET
Meta to Unveil Glasses Update, Celebrity AI Voices: Reports
Zuckerberg is set to give a keynote presentation in less than an hour. Ahead of his talk, Reuters reported that Meta is set to unveil its first augmented-reality glasses during the event.
Meta is also expected to announce deals with actors Awkwafina, John Cena, Judi Dench, Kristen Bell and Keegan-Michael Key that will allow the company to use their voices in a new AI assistant, according to reports from the Wall Street Journal and Reuters.
Earlier this year, Meta integrated its Meta.ai chatbot across its massive Family of Apps business, including Facebook and Instagram.
Meta stock is up 1.3% at 570.69 in recent action.
10:17 a.m. ET
Meta Edges Higher Ahead Of Event
After trading sideways in early trades, Meta stock rose 1.3% to 570.69 on today's stock market.
Shares closed a fraction lower Tuesday, placing Meta stock within a 5% buy range above a 542.81 consolidation pattern buy point identified by MarketSurge. Shares gained 7% last week, helping Meta retake the buy point on Sept. 19.
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