Meta Platforms Inc. META Shares are trading higher on Wednesday as investors react to announcements about AI, virtual reality (VR) and augmented reality (AR) made during the company's Meta Connect 2024 event.

What you should know: Key highlights of the event include the unveiling of Meta's Quest 3S, a mixed reality headset priced at $299 that will begin shipping on October 15, 2024. The company also announced updates to its Ray-Ban Meta Smart Glasses, which now feature AI-powered tools like reminders, QR code scanning, and future features like live translation between multiple languages.

In addition, Meta introduced its AR glasses “Orion”, a prototype product running the Meta AI assistant, which will soon be tested by selected target groups.

Meta's push into AI continues to gain momentum. The company announced that its Meta AI chatbot is used by more than 400 million people monthly. Meta also plans to expand its AI tools for businesses, especially those using click-to-message ads in Messenger and WhatsApp. In addition, the company is improving its generative AI advertising tools and has released the Llama 3.2 AI models that can understand both text and images.

META price promotion: Meta shares rose 1.42% to $571.36, according to Benzinga Pro.

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