Meta hired Salesforce's CEO of AI, Clara Shih, to lead a new organization building AI tools for businesses that use Meta's apps to reach consumers,

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Meta, the parent company of Facebook and Instagram, has hired away Salesforce’s head of AI to run a new product group dedicated to developing AI-powered tools for business.

Jefferies on Wednesday said they see Meta's (NASDAQ:META) hiring of Clara Shih, former CEO of AI at Salesforce (CRM), as a bullish move and the company's formation of a new artificial intelligence unit focused on building business tools is a big step forward in the push towards monetization from AI.

Meta stock analysts are bullish on the company's hire of a former Salesforce executive to lead a new business AI group.

Meta is creating a new product unit to develop AI tools for the 200 million businesses that use its apps, Axios has learned. Why it matters: Meta is an advertising company. To fuel ad growth, it needs to invest in the businesses that use its platform to interact with customers.

Shares of Meta Platforms, Inc. ($META) traded slightly lower Wednesday afternoon, even as retail investor attention remained strong following two consecutive sessions of gains. Jefferies reiterated its ‘Buy’ rating and $675 price target,