Facebook Inc. (NASDAQ:FB) concluded its 2-day developer conference in California with a bomb of tech updates to its current platforms but what got the tech and science community stunned was the company’s “Building 8” projects, which include a system that will “let people type with their brains” and a project which will allow people to “hear with their skin.”
The projects are related to the company’s silent speech communications project of Building 8, the product dev and research team that Mark Zuckerberg created in Facebook Inc. (NASDAQ:FB) that focused on creating and shipping new, category-defining consumer products that are social first, and that advance Facebook’s mission. The company wants to decode the words you are thinking with the speed and flexibility of your voice and the privacy of text via non-invasive, wearable sensors that can be manufactured at scale. The other project is the development of a hardware and software necessary to deliver language through the skin.
The news follows another work announced by Tesla founder and CEO Elon Musk on linking the human brain with a machine interface called Neuralink to help with certain severe brain injuries.
Facebook on April 21 is down 0.04% or $0.06 in light trading to $143.74.
What Does The Smart Money Sentiment Say?
The Smart Money deflected slightly from Facebook shares as we saw a decline in funds holding long positions of the tech giant. Out of the 742 hedge funds we track at Insider Monkey, 146 funds remain confident of Facebook Inc. (NASDAQ:FB) with their shares holding a total value of $12.4 billion in Q4 2016, compared to 149 funds which held shares in Q3 valued at $16.3 billion.
At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).
The Bottom Line
Facebook Inc. (NASDAQ:FB) is in the spotlight after the company announced silent speech communication projects that will let people “type from their brains” and “hear straight from their skins.” For further reading, here are 10 countries where Twitter and Facebook usage is shrinking.