5 AI Stocks Billionaires Are Crazy About

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

Number of Billionaire Investors: 32

Dollar Value of Billionaire Holdings: $14.744 billion

Meta Platforms, Inc. (NASDAQ:META) is a California-based conglomerate that develops applications and technologies focused on advertising, generative AI, business insight solutions, and social networking.

Meta Platforms, Inc. (NASDAQ:META) was covered by 38 Wall Street analysts over the last three months, and 37 maintained a Buy rating on the stock. The average price target of $387.71 represents an upside of 16.52% at the time of writing on December 8.

Meta Platforms, Inc. (NASDAQ:META) is a top choice of billionaires among AI stocks, as 32 billionaires were bullish on the stock in the third quarter at a combined dollar value of $14.744 billion.

Artisan Partners commented on Meta Platforms, Inc. (NASDAQ:META) in its third quarter 2023 investor letter. Here is what it said:

“Meta Platforms, Inc. (NASDAQ:META) added to its string of gains in Q3. The share price is up about 150% this year. Second quarter results were very good: revenue growth is back to double digits, user metrics are solid and show very good engagement, daily active users grew 7%, and importantly, Facebook app users continue to grow across all geographies. Instagram is growing more strongly, but solid growth in the legacy Facebook business is a positive indicator. Importantly, the company has controlled expenses tightly. Headcount was down 14% year over year. Adjusted EBIT grew 44%, and the margin recovered strongly to 38%, from 29% last year.”