Mark Zuckerberg is exploring ways to expand Meta Platforms Inc’s META collaboration with LG Electronics Inc on extended-reality (XR) technologies during his Asia tour, which included visits to Tokyo and Seoul. Meta recently visited a McDonald’s in Japan, lauding his meal at the fast-food chain.
The Meta CEO and LG’s CEO, William Cho, discussed business strategies for XR devices and a future virtual and augmented reality evolution, highlighting Meta’s large language models and AI integration possibilities.
Their conversation focused on creating a unique ecosystem that combines Meta’s platform with LG’s content and TV business, Bloomberg reports.
Zuckerberg’s trip also focuses on AI and the Quest headset amidst Meta’s increased AI investments and hardware competition, notably from Apple Inc’s AAPL Vision Pro.
A meeting with Samsung Electronics Co., a key player in virtual reality and a competitor of LG, is also anticipated during his stay in Seoul.
Recent reports indicated Meta’s plans to showcase its augmented reality or AR glasses at its annual Connect developer event this fall.
Zuckerberg’s visit aims to bolster Meta’s competitive edge in AI against significant rivals like OpenAI, Microsoft Corp MSFT, and Alphabet Inc GOOG GOOGL.
Meanwhile, LG commits $7.6 billion towards new tech investments, including electric vehicles.
Meta gained 41% in stock value year-to-date. Fidelity MSCI Communication Services Index ETF FCOM, which has close to 28% exposure to the stock, has gained 9.4%.
Price Action: META shares traded lower by 0.37% at $485.12 on the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
