10 Best Tech Stocks For Long Term Investment

3. Meta Platforms Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 235

Meta Platforms Inc. (NASDAQ:META) is a technology company known for its popular social media platforms, including Facebook, Instagram, Threads, and WhatsApp. With over 3 billion daily active users across its services, it has established a vast user base. Recently, it leveraged its expertise in AI and AR to enhance its product offerings. In September, the company launched its AR glasses, Orion, alongside the release of its most affordable mixed-reality headset, Meta Quest 36.

Meta Platforms Inc. (NASDAQ:META), in November, also announced that it would make its open-source AI model, Llama, available to US government agencies dedicated to national security applications. This initiative aims to enhance the efficacy of government operations through advanced AI solutions. Llama has already been adopted by several major technology companies, positioning it as a breakthrough for the company and differentiating it in the competitive AI landscape.

The company is pioneering advertising technology using AI, which presents challenges for competitors attempting to replicate its success. As it continues to innovate and expand its technological capabilities, Meta Platforms Inc. (NASDAQ:META) is poised to maintain its leadership role.

Rowan Street Capital stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its Q2 2024 investor letter:

“We are pleased to report that Meta Platforms, Inc. (NASDAQ:META), our largest position in the fund, has delivered a remarkable performance, +450% since our November 2022 note. Our investment in Meta dates back to 2018, with an average cost basis of approximately $172 per share. Today, the stock trades around $535, reflecting a 3x return over the six-year holding period, equating to a 20% annualized return.

We would like to remind you that achieving these types of returns is never a straight path. From time to time, we might experience volatility — that’s simply part of the investment journey. In fact, wealth creation and volatility go hand in hand. There’s no escaping it; it’s the “price of admission” the market demands. If you take a look at the chart below, you’ll notice the drawdowns META stock has faced over the years, with 2022 standing out as a particularly challenging period, where the stock saw a 75% drop….. ” (Click here to read the full text)