Meta, the parent company of social media platforms Facebook and Instagram, says it's developing a new artificial intelligence (AI) model that will rival the most advanced model from OpenAI, according to a Wall Street Journal exclusive.

The Wall Street Journal reported that individuals familiar with the matter said Meta aims for the new AI model to be "several times" more powerful than its Llama 2 model, which it released earlier this year.

For the moment, The Wall Street Journal's sources said that Meta's plans for the new system are for it to be open-source and, therefore, allow other companies to build AI tools to produce high-level text, analysis and other types of output.