Meta’s Shares Reach an All-Time High As Company Pushes AI Hiring Efforts

Meta’s shares reached an all-time high due to the company’s recent AI hiring initiative.

The stock soared to an impressive $747.90 during midday trading, on Monday. This bettered the earlier record that the company had done in February. This was when they had started layoffs that affected 5% of its workforce. With this tremendous performance, the company now joins companies like Microsoft and Nvidia. 

These companies have done quite well in the stock market. It is surprising that conglomerates like Apple, Amazon, Alphabet, and Tesla still have low figures late last year and early this year.

Under Mark Zuckerberg, the company is doing well in an aggressive pursuit of top-tier talent in artificial intelligence. Besides, they are also competiting with rivals such as OpenAI and Alphabet, Google’s parent company. 

In June, they released plans to recruit Alexandr Wang, the CEO of Scale AI, along with a select group of his colleagues, as part of a groundbreaking $14.3 billion investment in Wang’s renowned data labeling and annotation startup.

Moreover, the company has successfully lured Nat Friedman and his business partner, Daniel Gross, the masterminds behind Safe Superintelligence, a startup valued at a staggering $32 billion. Despite attempts to acquire Safe Superintelligence being turned down by its founder and esteemed AI expert Ilya Sutskever, the attraction to Meta remains strong.

The company’s new Superintelligence Labs, will be overseen by Wang and Friedman. They both will look into the company’s foundational AI models, projects, and research. According to Bloomberg News, the new lab is an interesting concept that has been immensely attracted numerous investors and tech enthusiasts alike. 

In addition, Meta has set its sights on AI researchers from OpenAI, with CEO Sam Altman revealing in a podcast that the company is offering signing bonuses that could reach an astonishing $100 million.

During a captivating interview on CNBC’s “Closing Bell Overtime” on June 20, Meta’s technology chief, Andrew Bosworth, passionately discussed the ongoing AI hiring spree, describing the current talent market as “incredible and kind of unprecedented” in his two-decade journey as a technology executive. 

As Meta forges ahead, the excitement surrounding its AI ambitions promises to reshape the landscape of technology as we know it.