30 Most Important AI Stocks According to BlackRock

3. 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. AI deployments have already started benefiting the fundamentals of the company, evidenced by the strong performance in the ad market in the second quarter of 2024. Investment advisory Cantor Fitzgerald has taken note of these developments, recently naming the company among a basket of firms that the advisory considers top picks in the internet sector for 2024, even after accounting for micro and macro level risks in the space on a global scale.

Meta Platforms, Inc. (NASDAQ:META) earned an Overweight rating at Cantor Fitzgerald in a recent research report, where the advisory noted that the firm had plenty of levers to capture share gains as AI deployment could deliver incremental engagement, monetization, and revenue growth over the next 2–3 years. The advisory added that despite strong performance over the last 18 months, valuations in internet names were fairly reasonable and would benefit from the expectation for upcoming rate cuts, tempered by decelerating top-line growth.