15 AI News You Should Not Miss

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

Number of Hedge Fund Holders: 219

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

On October 29, Analyst Justin Post from Bank of America Securities reiterated a “Buy” rating on Meta Platforms and kept the price target at $630.00, as reported by TipRanks. The Buy rating comes from a combination of factors, such as the company’s strategic initiatives in AI and search capabilities, as well as the development of its AI chatbot with reports of creating an internal search engine to reduce reliance on competitors. The company’s substantial AI resources put it in a strong position to enhance its AI assistant capabilities. Meta’s strong user engagement on social media platforms enhances its potential to develop a competitive search engine and will potentially allow it to capture a share of internet traffic that currently Google holds.