Meta Stock Snaps 20-Session Winning Streak Despite Scheduling LlamaCon: Retail Mood Stuck In Bearish Territory
Synopsis
The company said it will share the latest on its open-source artificial intelligence developments at the LlamaCon to help developers build apps and products.
Meta Platforms, Inc. (META) stock found its place among the top three trending tickers on Stocktwits as it reversed course following a record 20 straight sessions of gains. The retreat came despite the social media giant announcing the date for its LlamaCon.
Llama is Meta’s family of large language models. The most recent iteration, Llama 3.3, was released in December.
In a blog post, Meta said the LlamaCon, a developer conference, will be held on April 29.
The company expects to share the latest on its open-source artificial intelligence (AI) developments at the conference to help developers build apps and products. It said it will share more updates about the conference in the coming weeks.
The social media giant also plans to hold the Meta Connect on Sept. 17 and 18, with the objective of offering insights on “tomorrow’s tech and giving XR devs the tools they need to help build for the next computing platform today.”
In a note released Tuesday, Morgan Stanley analyst Brian Nowak said rumors of Meta forming a robotics team reflect its physical AI opportunity across wearables and robotics.
He added that it also underlines the company’s “growing and underappreciated presence in the race to capture more real-time offline data to train/develop future differentiated language models and Generative AI (GenAI) enabled products. "
On Stocktwits, sentiment toward Meta stock stayed ‘bearish’ (36/100), with the message volume improving to ‘normal.’
One Stocktwits user with a bearish take on the stock highlighted the break in the stock’s winning streak.
Another user pointed to a bearish flag formation, which suggests there could be more downside to the stock.
After rising 66% in 2024, Meta stock climbed nearly 26% this year, ahead of Tuesday’s sell-off.
On Tuesday afternoon, the stock traded nearly 4% lower at $708.20.
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