Market Chatter: Meta's Outgoing Chief AI Scientist Looking to Raise $586 Million for Startup

MT Newswires Live12-18

Meta Platforms' (META) outgoing chief artificial intelligence scientist Yann LeCun is in early discussions to raise 500 million euros ($586.1 million) for his planned startup, the Financial Times reported Thursday, citing sources familiar with the matter.

The startup will be named Advanced Machine Intelligence Labs and further details on the new venture are set to be released in January, the report said.

Sources told the Financial Times that LeCun is targeting a valuation of 3 billion euros for the startup but talks remain in early stages and subject to change.

LeCun has announced that he plans to resign from Meta Platforms at the end of the year, the report added.

Meta Platforms did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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