Meta Reportedly Eyes Joint AI Pact With India's Reliance: Retail Bulls Smell A Turnaround After Stock Lull
OpenAI is reportedly interested in working with Reliance’s businesses such as wireless carrier Jio to sell or distribute its AI solutions, while Meta is seeking to work with the Indian company on new AI businesses.
FollowMeta Platforms, Inc. (META) stock fell below $600 last week amid broader market weakness. Thanks to Friday's strong gains, however, the stock managed to sneak back into positive territory for the year.
Meta stock could be in the spotlight in the new week as the Mark Zuckerberg-led company and Sam Altman-led OpenAI are competing to stitch up an artificial intelligence (AI) partnership with India’s biggest company Reliance, according to a Bloomberg News, which cited a report from The Information.
Citing unidentified people, the report said OpenAI has spoken with Reliance executives multiple times in recent months about a potential product and sales partnership.
OpenAI is reportedly interested in working with the Indian conglomerate’s business units such as wireless carrier Jio to sell or distribute its AI solutions, including its large language model-powered ChatGPT.
The report also said Meta would compete with OpenAI by potentially forging a partnership with Reliance on new AI businesses.
Separately, a Techcrunch report, citing an X user who tests social-media features, said Meta is testing a “Write with Meta AI” prompt on Instagram that allows people to get AI-generated suggestions to comment on users’ posts.
On Stocktwits, sentiment toward Meta stock remained ‘extremely bullish’ by the end of last week. The message volume on the Meta stream remained ‘high.’
META sentiment and message volume March 23, as of 10:55 pm ET | Source: Stocktwits
A bullish watcher said they think Meta is one of the best-looking setups, especially among the Magnificent Seven companies. They flagged $637 as the next big level as the stock rebound gains steam.
Another user said the mega tech stocks continue to be defensive plays and recommended buying them.
Meta stock ended Friday’s session at $596.25, up 1.75%. For the week, the stock was down about 1.9%.
The social media giant's stock is now up a modest 2% for the year-to-date period.
The Koyfin-compiled consensus price target for the stock is $765.07, implying a 28% upside potential.
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