Move over Alexa and Siri --Facebook (FB - Get Report) is working on its own voice assistant to take on its rivals at Amazon (AMZN - Get Report) , Alphabet (GOOGL - Get Report) and (AAPL - Get Report) , according to a report from CNBC on Wednesday.
The company's team in Redmond, Washington has been spearheading an effort to build the new artificial intelligence assistant. The company began working on the unnamed device in early 2018, according to CNBC.
The digital assistant-powered smart speaker has grown dramatically in the last few years, with Amazon's Alexa having a 67% share of the U.S. smart speaker market, and Google a 30% market share in the U.S., according to eMarketer. Apple also has its Home Pod smart speaker, and uses Siri to handle voice commands on its its mobile devices.
Facebook's assistant is being built by the company's augmented reality and virtual reality group, which consists of the people working on Facebook hardware efforts, including its Oculus virtual reality headsets. The new assistant could potentially be used with Facebook's recently-introduced Portal video chat smart speakers.
Facebook shares were trading down 0.2% to $178.53 on Wednesday afternoon.
Apple, Amazon and Facebook are all key holdings in Jim Cramer's Action Alerts PLUS charitable trust.