5 Most Advanced AI Companies

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

Number of Hedge Fund Holders: 220

There were 220 hedge funds long Meta Platforms, Inc. (NASDAQ:META) in the first quarter, with a total stake value of $25.1 billion.

Meta Platforms, Inc. (NASDAQ:META) is based in Menlo Park, California. It has been actively involved in the AI field, now owning an AI laboratory by the name of Meta AI, which is working on developing different forms of AI, improving augmented reality and artificial reality tech, and more.

Ella Ji at China Renaissance upgraded Meta Platforms, Inc. (NASDAQ:META) from Hold to Buy on July 28 while announcing a $380 price target on the stock.

Wedgewood Partners made the following comments about Meta Platforms, Inc. (NASDAQ:META) in its second-quarter 2023 investor letter:

“Meta Platforms, Inc. (NASDAQ:META) was the top contributor to performance during the quarter. The Company managed to grow adjusted expenses more in line with revenue growth, which helped re-establish managements credibility with investors with respect to future profitability and returns. The Company also guided to accelerated revenue growth as product investments are beginning to bear fruit relative to easier comparisons from a year ago. Meta has been at the forefront of investing in some of the most valuable artificial intelligence IP extant, particularly with its ranking and recommendation systems that are in use across its suite of user-facing products and advertiser-facing tools. Despite the recent frenzy of attention around “Gen-AI,” Meta has been researching and developing generative-AI tools for years, so we don’t expect to see a large ramp up in expenses around this phenomenon. Although we trimmed Meta as positions reached our maximum weighting, it ended the quarter as our largest holding.”