Meta Platforms is developing a cutting-edge artificial intelligence system to match the capabilities of OpenAI’s most advanced model, as reported by the Wall Street Journal on Sunday

The parent company of Facebook, Meta Platforms (NASDAQ:META), is targeting the release of its new AI model for next year, according to the Journal. This new model is expected to be significantly more powerful than its commercial counterpart known as Llama 2.

In July, Meta introduced Llama 2, its open-source AI language model. This model is made available through Microsoft’s Azure cloud services as part of Meta’s competition with OpenAI’s ChatGPT and Google’s Bard.

The planned system, details of which could still change, would help other companies build services that produce sophisticated text, analysis and other output, the newspaper reported.

The report added that meta expects to start training the new AI system, known as a large language model, in early 2024.

Meta did not immediately respond to a Reuters request for comment.

Since introducing OpenAI’s ChatGPT late last year, businesses and enterprises have rushed into the emerging generative AI market to access enhanced capabilities and improve their business processes.

According to a Bloomberg News report from July, Apple (NASDAQ:AAPL) is actively developing AI solutions similar to OpenAI’s ChatGPT and Google’s Bard. The company has developed its own framework called ‘Ajax’ for constructing extensive language models and is currently in the testing phase with a chatbot referred to by some engineers as ‘Apple GPT’.