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 has appointed Clara Shih, former Salesforce Inc artificial intelligence chief, to head its newly formed Business AI division, marking a significant expansion of the social media giant's AI strategy for enterprise customers.

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.

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,

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