Meta Launches New AI Chip for Greater Efficiency, Flexibility
• Meta launches new custom-designed AI chip to achieve greater efficiency vs commercially available GPUs • New chip reduces dependency on Nvidia, gives Meta more autonomy and flexibility • AI is foundation for Meta's future products per CEO; new chip improves on predecessor • Meta investing heavily in AI to boost productivity and improve apps and ads business • Despite 143% 1-year stock gain and 47% YTD, analysts remain bullish with $533 price target