Jim Cramer’s Hottest 10 Stock Picks

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

Number of Hedge Fund Investors:246

Jim Cramer points out that skeptics should take notice of Meta Platforms, Inc. (NASDAQ:META)’s recent achievements with their computing power. Meta Platforms, Inc. (NASDAQ:META) has rapidly emerged as a leading generative AI platform with Meta AI, which Cramer himself has switched to because of its impressive performance.

“Memo to the clueless naysaying individuals: Have you seen what Meta Platforms has been doing with their computing power? They have, out of nowhere, become one of the most popular generative AI platforms with Meta AI. You have to try. I have switched to it. It is that good. Meta has been using their Nvidia purchases to make instagram reels much more relevant to you, much faster, cleaner. Meta has the best numbers of any of the tech titans. You think that’s some sort of coincidence?

Meta Platforms, Inc. (NASDAQ:META) is experiencing impressive financial growth, highlighted by a 22% year-over-year revenue increase and a 73% surge in net income for Q2 2024. This growth is driven by Meta Platforms, Inc. (NASDAQ:META)’s disciplined cost management and its substantial investments in AI infrastructure. Meta Platforms, Inc. (NASDAQ:META) is planning capital expenditures between $37 billion and $40 billion this year, including the purchase of 350,000 Nvidia GPUs to strengthen its AI capabilities.

Meta Platforms, Inc. (NASDAQ:META)’s open-source AI model, Llama 3.1, is particularly noteworthy for its cost efficiency and its ability to drive faster innovation through collaboration. As digital advertising spending continues to increase, Meta Platforms, Inc. (NASDAQ:META)’s platforms, such as Instagram and Facebook, are expected to retain their dominant positions, further boosting the company’s growth outlook.