Meta forming new AI lab helmed by Scale AI CEO Alex Wang, report says

Meta is making headlines with its decision to establish a new artificial intelligence research lab, led by none other than Alexandr Wang, the CEO and founder of Scale AI. According to reports from The New York Times, this lab will focus on developing 'superintelligence'—AI systems designed to exceed human cognitive capabilities. In a significant move, Meta is also reportedly in discussions to invest over $10 billion into Scale AI, as stated by Bloomberg. While Scale AI has chosen to remain silent on the matter, Meta has not responded to inquiries from CNBC regarding the initiative. This new lab represents Meta's strategic effort to carve out a competitive edge in the rapidly evolving AI landscape. The company has already committed billions toward AI technologies, with plans to allocate approximately $65 billion in capital expenditures for AI infrastructure this year alone. Recently, Meta revealed that its AI assistant now boasts one billion monthly active users across its suite of applications. Furthermore, in February, there were reports that Meta was gearing up to launch a stand-alone Meta AI application and explore a subscription service similar to offerings from competitors like OpenAI's ChatGPT. Following these developments, Meta's stock saw a slight increase of about 1% on Tuesday.