financetom
Business
financetom
/
Business
/
Meta says its Llama AI models being used by banks, tech companies
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Meta says its Llama AI models being used by banks, tech companies
Aug 29, 2024 8:18 AM

NEW YORK - Meta's Llama artificial intelligence models are being used by companies including Goldman Sachs ( GS ) and AT&T ( T ) for business functions like customer service, document review and computer code generation, the social media giant said in a statement on Thursday.

The mostly free-of-charge Llama models have been downloaded almost 350 million times since Meta began releasing them publicly last year, an increase from the 300 million downloads the company announced when it released the biggest version of its latest Llama 3 model in late July.

Usage via cloud providers like Amazon Web Services and Microsoft Azure has also increased, more than doubling between May and July this year, Meta said.

The announcement comes as Meta and other tech companies plowing billions into AI have faced questions from investors about how widespread adoption of the technology appears to be and what kind of payoff they can expect for their spending.

Meta Chief Executive Mark Zuckerberg has argued that building state-of-the-art AI models and giving them away for free best positions the company to avoid falling into a position where it is constrained by a competitor's closed technology.

"The path for Llama to become the industry standard is by being consistently competitive, efficient, and open generation after generation," Zuckerberg wrote last month.

Although large language models like Llama have wowed users with their ability to generate human-like prose on command, they continue to struggle with certain logical tasks and are prone to making factual errors, limiting their adoption in business contexts.

Still, Meta pointed to a handful of large enterprises dabbling with the Llama models as both evidence of their utility and as an endorsement of their competitiveness with paid alternatives, like models from industry leader OpenAI.

Other companies it said were using Llama include Japanese bank Nomura Holdings ( NMR ), food delivery service DoorDash ( DASH ) and professional services provider Accenture ( ACN ).

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Santacruz Silver Mining's Silver Equivalent Production Drops in Q4
Santacruz Silver Mining's Silver Equivalent Production Drops in Q4
Jan 30, 2025
08:55 AM EST, 01/30/2025 (MT Newswires) -- Santacruz Silver Mining ( SCZMF ) reported lower silver equivalent production in the fourth quarter. The company produced 4.7 million ounces of silver equivalent, dropping from 4.8 million ounces. Silver production rose to 1.8 million ounces from 1.7 million ounces. This growth in silver output and favorable market dynamics in silver prices have...
Chartwell Buys Rosemont Les Quartiers in Montreal for $136 Million
Chartwell Buys Rosemont Les Quartiers in Montreal for $136 Million
Jan 30, 2025
08:54 AM EST, 01/30/2025 (MT Newswires) -- Chartwell Retirement Residences (CSH-UN.TO) on Thursday said it is buying Rosemont Les Quartiers, a continuum of care retirement residence in Montreal, for $136 million. Rosemont Les Quartiers has 632 rental suites catering to a range of preferences and care needs. The transaction is structured with $130 million to be paid at closing and...
Analysis-Companies race to ship goods to the US ahead of potential tariffs
Analysis-Companies race to ship goods to the US ahead of potential tariffs
Jan 30, 2025
NEW YORK/LONDON (Reuters) - In recent months, plenty of business executives have said they were taking a wait-and-see approach to U.S. President Donald Trump's broad threats of tariffs. Early holiday-quarter earnings reports show many of them were not.  Automakers like General Motors and Mercedes, French cognac makers, and Italian producers of parmesan cheese and sparkling wine have all expedited deliveries...
Virgin Galactic Partners With Redwire for Delta-Class Research Lockers
Virgin Galactic Partners With Redwire for Delta-Class Research Lockers
Jan 30, 2025
08:54 AM EST, 01/30/2025 (MT Newswires) -- Virgin Galactic Holdings ( SPCE ) said Thursday it is partnering with Redwire ( RDW ) to build research payload lockers for its new Delta-class spaceships, aiming to expand microgravity research capabilities. Redwire ( RDW ), which develops space infrastructure and microgravity research technology, will manufacture modular lockers designed to be compatible with...
Copyright 2023-2026 - www.financetom.com All Rights Reserved