The Future of Artificial Intelligence: 5 Companies, 5 Predictions

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

Number of Hedge Fund Holders: 177    

Related Prediction: By 2030, Most Social Situations Will be Facilitated by Bots — Intelligent-Seeming Programs that Interact in Human-Like Ways

Meta Platforms Inc. (NASDAQ:META) develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. On September 29, Meta CEO Mark Zuckerberg posted on Facebook about the latest AI products of the firm. One of these, called Make-A-Video, features a 20-second clip that was compiled using several text prompts from Meta researchers. Judith Donath, a top AI expert at Harvard University, has outlined how by 2030, most social situations will be facilitated by bots — intelligent-seeming programs that interact in human-like ways. 

On December 16, JPMorgan analyst Doug Anmuth upgraded Meta Platforms, Inc. (NASDAQ:META) stock to Overweight from Neutral with a price target of $150, up from $115, noting that shares are down 65% year-to-date as the company has been impacted by Apple privacy changes.    

At the end of the third quarter of 2022, 177 hedge funds in the database of Insider Monkey held stakes worth $14.2 billion in Meta Platforms, Inc. (NASDAQ:META), compared to 185 in the preceding quarter worth $18.2 billion.

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Meta Platforms, Inc. (NASDAQ:META) was one of them. Here is what the fund said:

“Shares of Meta Platforms, Inc. (NASDAQ:META), the owner of Facebook, the world’s largest social network, fell 28.4% during the second quarter due to quarterly results that missed consensus estimates, driven by the impact of Apple’s new privacy changes in its iOS operating system. These changes have made it harder for Facebook to measure the effectiveness of its advertising across its mobile apps.

In the longer term, we expect Facebook to continue utilizing its leadership in mobile to provide global advertisers targeted marketing capabilities at scale, with substantial monetization optionality ahead in newer areas such as Reels (Meta’s competing solution to TikTok) and e-commerce.”