July 8 - Meta Platforms (META, Financial) has brought on board Ruoming Pang, a senior executive from Apple's (AAPL) artificial intelligence team, as part of its ongoing efforts to strengthen its AI capabilities.
Pang, who oversaw Apple's core AI model development, played a key role in shaping the systems behind Apple Intelligence and other on-device machine learning tools. His exit may signal broader shifts inside Apple's AI group, sources told Bloomberg.
The move adds to a series of high-level AI hires at Meta, where CEO Mark Zuckerberg is scaling up a new AI superintelligence division. The company has also reportedly been targeting talent from OpenAI and other top-tier research hubs as it ramps up investment in next-generation AI technologies.
Pang's departure could mark the beginning of more turnover at Apple's AI unit, which has faced mounting internal challenges, according to people familiar with the matter.
The hiring reflects Meta's deepening focus on AI innovation and signals its determination to stay ahead in the increasingly competitive AI race.
Is Meta Stock a Buy Now?
Based on the one year price targets offered by 61 analysts, the average target price for Meta Platforms Inc is $724.37 with a high estimate of $935.00 and a low estimate of $525.00. The average target implies a upside of +0.84% from the current price of $718.35.
Based on GuruFocus estimates, the estimated GF Value for Meta Platforms Inc in one year is $544.27, suggesting a downside of -24.23% from the current price of $718.35.
