12 AI Stocks on Wall Street’s Radar Today

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

Number of Hedge Fund Investors: 235

Meta Platforms, Inc. (NASDAQ:META) is a global technology company. On March 11, Reuters reported that Meta is testing its first in-house chip for training artificial intelligence systems, a milestone move focusing on the company designing more of its own custom silicon and reducing reliance on external suppliers like Nvidia. Sources claim that Meta has started the small deployment of the chip and aims to ramp up production for wide-scale use if the test goes well. One of the two sources reporting to Reuters also said that Meta’s new training chip is a dedicated accelerator. This means that the chip is designed to handle only AI-specific tasks, making it more power-efficient than the integrated graphics processing units (GPUs) generally used for AI workloads. The chip is the newest in the company’s Meta Training and Inference Accelerator (MTIA) series.