Meta Platforms introduced the new version of its artificial intelligence model, Llama 3, on Thursday, marking its latest effort to firmly position itself in the competitive AI market dominated by giants like OpenAI with ChatGPT and Google with Gemini.

Llama 3 is an evolution of Llama 2, introduced last summer in the Northern Hemisphere, which reached an impressive milestone of 170 billion downloads. Chris Cox, Chief Product Officer at Meta, highlighted the adoption and success of the previous model, which was offered as an open-source solution with certain licensing restrictions.

The world’s largest social media company is now using Llama 3 to power MetaAI, its own AI assistant integrated across various platforms, including Facebook, WhatsApp, and the Meta-branded Ray-Ban smart glasses. The MetaAI assistant update was also made available to users on the same day.

“The race to develop AI-based products and services is fierce among leading tech companies, which invest billions in advanced chips and other resources to create large language models and AI innovations,” Cox noted. Meta uses AI not only to enhance content feeds and recommendations but also to improve ad targeting and the functionality of its virtual reality devices.

According to Cox, Llama 3 is “industry-leading in various benchmarks for models of this size.” He added, “We are no longer playing catch-up to have a model that is best-in-class,” referring to the significant progress Meta has made in its AI developments.

In addition to the launch, Meta is already working on several iterations of Llama 3 that will be released as future updates, demonstrating a continuous commitment to improvement and innovation.

Under the leadership of Mark Zuckerberg, Meta has integrated AI into its products for years but has recently intensified its focus on this technology, with executives actively promoting the benefits of AI in public appearances and interviews. The company’s stock reflects this upward trajectory, with an increase of 1.54% to $501.80 on Nasdaq in New York on Thursday, accumulating nearly 45% gains for the year.

Investors have responded positively to the company’s aggressive initiatives, including cost-cutting and the accelerated development of AI-based products, signaling a promising future for Meta in the global tech landscape.

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