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.

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.

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

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,