JPMorgan: Meta’s cloud plan may indicate slow progress in its AI development

There were previous reports that Meta is considering this move. However, JPMorgan analysts also believe this indicates the company lacks progress in proprietary AI development. "We would rather see Meta develop core AI products, leverage them on its 4 billion user base, and provide large-scale computing power for its own inference needs, rather than selling access to its infrastructure," JPMorgan analysts said in a report. "This still tells us that Meta's appeal for AI products outside of advertising remains limited." Meta's stock price fell by more than 4%.