Blackrock’s 30 Most Important AI Stocks

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

Number of Hedge Fund Holders: 235

Meta Platforms, Inc. (NASDAQ:META) engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. This company stands out as a worthwhile investment due to a combination of favorable factors. Firstly, as per the report of the third quarter of 2024, Ad impressions delivered across the Meta apps increased by 7% year-over-year, and the average price per ad increased by 11% year-over-year. In addition, revenue was $40.59 billion, an increase of 19% year-over-year and total costs and expenses were $23.24 billion, an increase of 14% year-over-year. Secondly, Meta has developed LLaMA (Large Language Model Meta AI), an open-source large language model, which is designed to advance natural language processing capability. Llama 3.1 405B is in a class of its own, with unmatched flexibility, control, and state-of-the-art capabilities that rival the best closed-source models. Meta has also announced Grand Teton, designed with compute capacity to support the demands of memory-bandwidth-bound workloads, such as Meta’s deep learning recommendation models (DLRMs), as well as compute-bound workloads like content understanding.