17 Latest AI News and Analyst Ratings You Should Not Miss

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

Number of Hedge Fund Holders: 219

Meta Platforms, Inc. (NASDAQ:META) engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. The firm recently beat market expectations on earnings for both the top and bottom lines, but left some investors concerned after it raised guidance for capital expenditures. The increased guidance for 2024, now up to $37 billion to $40 billion, reflected the rather large investments in the AI space. CEO Mark Zuckerberg recently said the firm was working hard to figure out the level of infrastructure needed to train advanced AI models as it looked at the compute clusters and data it needed to train future Meta AI products.

This level of commitment towards AI and the historical financial track record of Meta Platforms, Inc. (NASDAQ:META), which has over 3.2 billion daily active users across the platforms it owns and was able to grow twice as fast as rival Alphabet in the digital ad market space in the second quarter, has earned bullish calls from Wall Street. Investment bank UBS has a Buy rating on the shares with a price target of $635.