35 AI Superstars According to Goldman Sachs

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. Argus analyst Joseph Bonner recently raised the price target on the stock to $660 from $600 and kept a Buy rating on the shares. In an investor note, the analyst detailed that Meta was benefiting from a re-acceleration in advertising revenue, significant margin expansion as a result of deep cost cuts, and robust cash flow. Per the analyst, the company had also become competitive in the generative artificial intelligence space. Bonner expects AI to begin to pervade Meta’s applications to provide another means of optimizing company performance and efficiency.

Latest reports indicate that the top court in Europe has ruled against Meta Platforms, Inc. (NASDAQ:META) over the approach of the tech giant to data retention in the continental ad business. The ruling will add hurdles for social media names looking to garner European ad dollars. The Court of Justice of the European Union found in favor of activist Max Schrems, who challenged Facebook Ireland on issues including harvesting data from the social platform indefinitely for targeted advertising.