5 Most Promising AI Stocks

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

Number of Hedge Fund Holders: 194

The tech industry’s dramatic pivot to AI is already forcing Meta Platforms, Inc. (NASDAQ:META) to have second thoughts about its strategy of becoming a metaverse-first company. Mark Zuckerberg was quick to announce several AI projects at Meta Platforms, Inc. (NASDAQ:META). Meta Platforms, Inc. (NASDAQ:META) announced its owned large language model, called LLaMA, (for Large Language Meta AI).

Mark Zuckerberg in an internal message also announced the formation of a dedicated team focused on generative AI to “turbocharge” its efforts in the area. Zuckerberg said Meta Platforms, Inc. (NASDAQ:META)’s long-term goal is to develop “AI personas that can help people in a variety of ways.”

A total of 194 hedge funds tracked by Insider Monkey were bullish on Meta Platforms, Inc. (NASDAQ:META) as of the end of the fourth quarter o 2022.

Giverny Capital made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q1 2023 investor letter:

“Meta Platforms, Inc. (NASDAQ:META) was our leading performer, up 76% for the quarter. I have written quite a bit about Meta in prior letters and I feel like I got the basics right: Meta never had an earnings or engagement problem so much as an expense management problem. Once founder and CEO Mark Zuckerberg announced layoffs and a new commitment to efficiency, the stock doubled in a few months.”