Meta Platforms (META) is in early discussions with Midjourney, a leading AI art generator, regarding a potential partnership and acquisition. This move reflects Meta’s strategy to enhance its AI capabilities and creative tools as it continues to make significant investments in artificial intelligence. After a brief stock downturn, Meta’s stock rallied, closing up 2% at $754.55, supported by a $10 billion cloud computing contract with Alphabet and positive sentiment about its AI ventures. Year-to-date, Meta’s stock is up by approximately 28.5%, closely trailing Nvidia’s gains. As part of its AI expansion, Meta has been recruiting top talent, including ex-ChatGPT co-creator Shengjia Zhao. Additionally, the company is involved in ongoing legal disputes with OpenAI, highlighting the competitive nature of the AI landscape. Meta’s discussions with Midjourney signal its commitment to leveraging strategic acquisitions to maintain its edge in technology innovation.
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