5 Best AI Stocks for 2022

2. Meta Platforms, Inc. (NASDAQ:FB)

Number of Hedge Fund Holders: 248

Internet giant Meta Platforms, Inc. (NASDAQ:FB), formerly known as Facebook, Inc., develops social media applications, in-home devices, and VR headsets. The California-based tech giant utilizes AI in blocking misinformation and other harmful content on its family of apps. Additionally, AI tools developed by Meta Platforms, Inc. (NASDAQ:FB) play a major role in improving the customer shopping experience on Facebook, Instagram, and WhatsApp.

Meta Platforms, Inc. (NASDAQ:FB) is also gaining favor with investors as it aggressively expands its presence in the metaverse, a shared virtual world environment.

Overall, 248 funds of the 867 elite funds tracked by Insider Monkey reported owning stakes in Meta Platforms, Inc. (NASDAQ:FB) at the end of September 2021. The total value of these stakes is $38.5 billion.

Here is what Canterbury Tollgate has to say about Meta Platforms, Inc. in its Q3 2021 investor letter:

“To say traditional media is anti-Facebook would not be an overstatement. An already intense and multi-year critique of (or attack on) Facebook has ratcheted up in recent weeks. Facebook’s research efforts have been reported on, if often derided, for nearly a decade. Going back to 2014, Slate.com called their research practices “unethical” when FB tried to study the impact social posts had on users. Now those efforts have been turned against them for the kill shot.

My job is to observe, assess, and allocate. Not to commentate on all the whims and wishes of the media narrative. However, in the case of Facebook, I cannot avoid going into some detail re: the onslaught against them, which I find to be most unwarranted and insincere.

Last month the Wall Street Journal ran a five-piece series titled “The Facebook Files” which allegedly shows how toxic Instagram is for teens. The foundation of their argument was a single slide from an internal presentation claiming, based on FB’s own research, that of teens who had a negative self-image, one-third said Instagram “made them feel worse.” iii Somehow the implication here is that this is not an inescapable aspect of either the human psyche and/or society-at-large, but that it is of Facebook’s doing…” (Click here to see the full text)