Meta Platforms (META) shares are extending gains on Wednesday after CEO Mark Zuckerberg said the development of superintelligence is “now in sight.”
In his statement, the billionaire confirmed that signs of self-improvement have started showing in Meta’s artificial intelligence (AI) systems, ushering in a whole new era of innovation that will likely reshape the boundaries of human-computer collaboration.
Including today’s gain, Meta stock is up more than 45% versus its year-to-date low set in late April.
Meta’s push toward superintelligence reiterates its commitment to positioning itself at the forefront of next-gen innovation.
Signs of self-improvement in the company’s AI systems suggest it could unlock autonomous capabilities that enhance user experience, ad targeting, and product development, all core drivers of its revenue.
Meta’s investments in AI infrastructure, talent, and proprietary models has won it a unique edge in training and deploying scalable artificial intelligence solutions.
The superintelligence announcement reinforces its competitive moat and excites investors about future monetization, making META shares even more attractive to own at current levels.
Meta Platforms is scheduled to report its second-quarter earnings today (July 30) after the bell.
Consensus is for the Nasdaq-listed giant to record $5.83 a share of earnings for its fiscal Q2, up 13% from the $5.16 it earned on a per-share basis in the same quarter last year.
Ahead of the earnings release, Evercore ISI’s head of internet research Mark Mahaney reiterated his “Buy” rating on META stock with a $750 price target indicating potential upside of another 7% from here.
Mahaney believes the AI firm will report another strong quarter tonight, especially as its artificial intelligence-enabled ad tools and infrastructure investments begin to show tangible returns.
Note that Evercore’s Mark Mahaney is one of many Wall Street analysts keeping constructive on Meta stock ahead of its Q2 earnings release.
