5 Best Big Company Stocks to Buy

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

Number of Hedge Fund Holders: 225

Meta Platforms, Inc. (NASDAQ:META) is going all-in on AI and Wall Street analysts are appreciating this move. Meta Platforms, Inc. (NASDAQ:META) recently launched AI tools for image editing in Instagram and new chat stickers. Analysts at Barclays believe these AI initiatives could increase overall engagement on Meta Platforms, Inc. (NASDAQ:META) social apps in 2024 and could boost the company’s core ad revenue by $16 billion.

As of the end of the second quarter of 2023, 225 hedge funds out of the 910 funds tracked by Insider Monkey reported having stakes in Meta Platforms, Inc. (NASDAQ:META). The biggest stakeholder of Meta Platforms, Inc. (NASDAQ:META) during this period was

Artisan Global Value Fund made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q2 2023 investor letter:

“Our best performing stocks this quarter were Meta Platforms, Inc. (NASDAQ:META), Alphabet and Heidelberg Materials. Meta was the largest contributor to performance. Its shares have almost fully recovered from last year’s declines, rising 35% during the quarter and 138% YTD. During the quarter, the company reported earnings that showed a return to growth and healthy user engagement metrics. Most importantly, profitability appears to have stabilized and is poised to improve as significant cost reduction actions implemented over the past six months begin to have an impact. Separate from fundamental performance, there is excitement over AI’s potential to help the company’s business. While Meta’s technology prowess and massively scaled media platform certainly position the company to take advantage of AI, we believe it’s far too early to estimate any discrete tangible benefits. Overall, we view AI as one of several drivers that will contribute to Meta’s continued growth.”