Meta Platforms Is Building AI-Powered Search Engine To Slash Reliance On Alphabet's Google, Microsoft: Report

Meta Platforms Inc META is in the process of developing an AI-powered search engine as the company aims to reduce reliance on other big tech players.

What To Know: Meta is working on an AI-based search engine that crawls the web for answers and delivers information to users through the Meta AI chatbot, according to a report from The Information.

Meta is reportedly taking on the project in an effort to reduce reliance on Alphabet Inc GOOGGOOGL and Microsoft Corp MSFT. The company currently uses Google and Bing search engines to provide its Meta AI users with answers on news, sports and stocks.

According to a person who spoke with the search engine team, Meta’s new AI search engine will provide conversational answers about current events.

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The news follows reports from last week indicating Meta struck a deal to use Reuters content to answer user questions in real-time.

Meta is scheduled to report third-quarter financial results after the market close on Wednesday. The company is expected to report earnings of $5.24 per share and revenue of $40.268 billion.

Last quarter, Meta beat analyst estimates as revenue jumped 11% year-over-year and daily actives climbed 7%. The company said in the earnings release that Meta AI was on track to be the most used AI assistant in the world by the end of the year.

Meta has beat analyst estimates on the top and bottom lines in six straight quarters heading into Wednesday’s print, according to Benzinga Pro.

META Price Action: Meta Platforms stock was up 0.82% at $577.95 at the time of publication Monday, according to Benzinga Pro.

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