Hedge Funds are Buying and Selling These 10 AI Stocks

2. Meta Platforms Inc (NASDAQ:META)

Total Number of Hedge Fund Investors as of the End of Q2: 219

Total Number of Hedge Fund Investors as of the End of Q1: 246 

Billionaire David Tepper’s Appaloosa Management slashed its Meta Platforms (NASDAQ:META) stake to 935K shares during the second quarter from 1.12M shares.

3G Capital Partners of Brazilian billionaires Brazilian billionaires Alexandre Behring and Jorge Paulo Lemann cut its stake in Meta Platforms by about 28% in the second quarter to $34,034,850.

Polen Focus Growth Strategy stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its Q2 2024 investor letter:

“In the second quarter, the top relative contributors to the Portfolio’s performance were all names we do not hold: Home Depot, Meta Platforms, Inc. (NASDAQ:META), and AbbVie. Meta Platforms delivered robust results in the period, with revenue growth accelerating in the first quarter. However, revenue comparisons for Meta will become more difficult from here, and its guidance for 2Q revenue fell below market expectations. After the company’s “year of efficiency,” where it cut costs in its core business, management is now indicating another ramp-up in GenAI and metaverse spending, spurring concerns about future profit margins. Metaverse spending, by our calculations, is now over $20 billion per year with little to no expected return on the foreseeable horizon.”