10 AI News Investors Should Not Miss

2. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 219

Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops applications and technologies to help people connect, find communities, as well as grow businesses. The company is a top Artificial Intelligence player in consumer internet, investing heavily in AI-related infrastructure, technology, and products.

On October 31, Citi analyst raised the price target on Meta Platforms, Inc. (NASDAQ:META) to $705 from $645 and kept a “Buy” rating on the shares after the Q3 report. According to the analyst, Meta continues to gain a share of overall ad budgets, with advertising revenue increasing 20% year-over-year excluding currency, along with ad impressions and pricing growth. Moreover, the firm notes that the engagement gains coming from Facebook and Instagram, driven by Meta’s artificial intelligence recommendation engine, demonstrate the early return from its AI investments that “remains early days”. The firm also recommends investors seize any post-earnings selloff in the shares.