Metaplatforms META recently announced that its AI researchers have created a new AI model called No Language Left Behind (NLLB 200), which can translate 200 different languages and improves the quality of translations through its various technologies.
The language barrier still exists in this world due to the lack of high quality translation tools. Because of this, billions of people cannot access digital content or fully participate in online conversations.
Meta seeks to solve this problem with its latest AI model, which the company claims improves translation quality by 44% more than all previous translation models. For some African and Indian languages, NLB 200 translations are over 70% accurate.
In order to improve NLLB 200, Meta has also built Flores-200 – a dataset that allows AI researchers to evaluate the performance of the translation AI model in 40,000 different linguistic directions.
Meta introduces the new AI model and Flores-200 dataset to developers to help translate content correctly. The new AI model will serve more than 25 billion translations every day in FEED on Facebook, Instagram reels and other features that have emerged as new trends on social networking sites.
Meta’s recent investment in its new AI model will help build the Metaverse, which can be a multilingual AR space to help include people who speak different languages without creating a centralized language base.
Meta Platforms, Inc. Pricing and Consensus
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Meta Investing in AI to drive long-term growth
Meta Platforms is currently facing the worst downturn in company history due to the global macroeconomic situation, geopolitical tensions, rising inflation and interest rate hikes by the Federal Reserve Bank. This hurt Meta’s share price negatively.
Shares of Meta Platforms, which currently has a Zacks No. 4 (sell) ranking, have fallen 50% in the year-to-date period against Zacks Internet – Software industry decline of 49.6%.
Meta’s financial plans to generate sufficient operating income from its Family of Apps business segment to fund the growth of its Reality Labs have been hit hard, and the company recently closed various long-term projects, which consumes a lot of money for the company.
One of the most recent setbacks was the shutdown of its cryptocurrency wallet pilot project – Novi. This is a major setback for Meta Platforms in its efforts to develop the Metaverse as an independent trading platform, as the crypto and NFT markets have collapsed.
The situation is unlikely to improve in the near term as negative sentiment hurts Meta’s tech peers looking to venture into the AR space, including Twitter TWTR, Microsoft MSFT and Apple AAPL.
Meta was beaten by Twitter as the first social media giant to enter the NFT market by launching a tool to showcase and sell NFTs on its platform. Microsoft’s M12 venture capital fund recently invested in NFT startup, Palm NFT Studio, to develop projects on the Palm Protocol, an energy-efficient Ethereum sidechain. Apple has one of the largest AR platforms in the world to help creators build AR experiences with frameworks like ARKit, RealityKit, and Reality Composer. Apple’s mixed reality headset is its most anticipated product that should help the company diversify its revenue streams.
Twitter shares fell 10.5% against the Zacks internet software industry decline of 49.6%.
Microsoft shares are down 20.1% year-to-date against the Zacks Software industry decline of 24.1%.
Apple shares have fallen 18% year-to-date against the Zacks Computer – Minicomputers industry decline of 19.2%.
Although Meta’s near-term revenue growth looks bleak, the company is confident about its long-term growth. Meta is investing heavily in AI development, which will drive revenue growth in its advertising business.
Reels are the latest trend right now, and streams are getting more and more AI recommended. This will allow Meta to scale its ad systems to help creators earn through Facebook and Instagram, and create new ad revenue for the company.
This will help provide funds for building the metaverse and help the company generate positive returns from its AI investments.
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