Meta Platforms Inc (NASDAQ:FB) expects its artificial intelligence answer to OpenAI’s ChatGPT to generate revenue by the end of 2023, the company’s chief technology officer said.
CTO Andrew Bosworth unveiled Meta’s plan to roll out applications for AI-led advertisements by December, building on a previous announcement that the Facebook parent would start a new organization to develop AI, according to reports.
Meta first began work on AI back in 2013, but this is the first time Meta has showcased a specific plan with regard to generating revenue.
Bosworth said the goal is to leverage AI tools in advertising campaigns, in addition to within the Metaverse.
“We feel very confident that we are at the very forefront,” Bosworth said Wednesday. “I expect we will start seeing some of them commercialization of the tech this year. We just created a new team, the generative AI team, a couple of months ago; they are very busy.”
The backdrop of all of this is the seismic shift caused by OpenAI’s ChaptGPT. Since its release, Google announced a chatbot called Google Bard in the generative AI space, and other firms are working to do the same.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel