- Meta Platforms, Inc (NASDAQ:META) has engaged an Oslo-based team that, until 2022, was building artificial-intelligence networking technology at British chip unicorn Graphcore.
- Meta confirmed recruiting several highly-specialized engineers in Oslo to its infrastructure team at Meta with deep expertise in the design and development of supercomputing systems to support AI and machine learning at scale in Meta’s data centers, Reuters reports.
- Meta, which owns Facebook and Instagram, has increasingly relied on AI technology to target advertising and join competitors like Microsoft Corp (NASDAQ:MSFT) and Alphabet Inc’s (NASDAQ:GOOG) (NASDAQ: GOOGL) Google in releasing generative AI products capable of creating human-like writing, art, and other content.
- The ten employees’ LinkedIn job descriptions indicated their experience with AI-specific networking technology at Graphcore, which develops computer chips and systems optimized for AI work.
- Graphcore shut its Oslo office in October 2022 after struggling to make inroads against AI chip champions like Nvidia Corp (NASDAQ:NVDA) and Advanced Micro Devices Inc (NASDAQ:AMD).
- Meta already has an in-house unit designing several chips to maximize efficiency for its AI work.
- Meta is also designing a complex computing chip to train AI models and perform inference and expects that chip to be ready by 2025.
- Price Action: META shares traded lower by 0.30% at $232.07 on the last check Monday.
Jefferies Downgrades Xenia Hotels & Resorts to Hold, Lowers Price Target to $17
Jefferies analyst David Katz downgrades Xenia Hotels & Resorts (NYSE:XHR) from Buy to Hold and lowers the price target from $22 to $17.
