5 Best Jim Cramer Stocks To Buy According to Billionaires

3. Meta Platforms Inc (NASDAQ:META)

Number of Billionaire Investors: 32

Meta Platforms Inc (NASDAQ:META) is another stock Jim Cramer has been bullish on due to the AI-led rally. Earlier this year, Cramer said despite problems he stuck with Meta Platforms, Inc. (NASDAQ:META). When ChatGPT came along, it acted as a game changer and gave a boost to Meta Platforms Inc (NASDAQ:META) amid the generative AI boom. The stock has gained about 166% year to date through December 11.

As of the end of the third quarter of 2023, 234 hedge funds reported owning stakes in Meta Platforms, Inc. (NASDAQ:META). The biggest stakeholder of Meta Platforms, Inc. (NASDAQ:META) was Rajiv Jain’s GQG Partners which owns a $3.3 billion stake in Meta Platforms Inc (NASDAQ:META).

Here is what White Brook Capital has to say about Meta Platforms, Inc. (NASDAQ:META) in its Q3 2023 investor letter:

“The magnificent seven, that underpin the S&P 500 performance, which includes Meta Platforms, Inc. (NASDAQ:META), now comprise almost 30% of the market capitalization of the S&P500. At least three of the seven stocks have heightened downside risk and suffer from already high penetration, weakening end markets, competitive risk, and lofty valuation. They have been remarkably resilient to increased interest rates and the potential for slowing growth. Small and midcap stocks, on the other hand, have been systemically penalized by fears of recession and continue to price that eventuality even as significantly better outcomes have become more probable. Today, it’s relatively easy to find attractive investments in this segment.”