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Meta Invests $14.3bn In AI Firm Scale, Poaches CEO
- Meta Platforms has made a $14.3 billion investment in the AI startup Scale AI, valuing the company at over $29 billion.
- Meta's investment in Scale AI is the company's largest-ever external AI investment, highlighting its focus on AI development.
- Along with the investment, Meta will hold a minority of Scale's outstanding equity.
- Meta has also poached Scale AI's founder and CEO, Alexandr Wang, and a few other staff members to join Meta's AI development team.
- Scale AI, founded in 2016, provides data-labelling services for machine-learning training, contributing to its revenue growth.
- Scale AI expects its revenue to more than double to $2 billion this year.
- Meta's Meta AI chatbot assistant has reached one billion monthly active users, and Meta is focusing on expanding its reach.
- Meta may explore monetization strategies for the Meta AI chatbot like paid recommendations or a subscription plan.
- Meta's investment in Scale AI contrasts with its past approach of developing AI technology internally.
- Other tech firms like Microsoft, Amazon, and Google have also made significant investments in AI technologies.
- Jason Droege has been appointed as Scale AI's Interim CEO following Alexandr Wang's departure to join Meta.
- Scale AI is committed to bridging the gap between human values and technology to unlock AI's full potential according to Alexandr Wang.
- Meta's investment and commercial agreement with Scale AI acknowledge Scale's accomplishments and future potential.
- Meta stated its commitment to AI technology, especially in expanding the reach of Meta AI.
- Meta is exploring various monetization options for its Meta AI chatbot assistant.
- Meta's investment in Scale AI is a significant move in the AI sector, mirroring the increasing competition in AI technology development.
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