We recently compiled a list of 30 AI news that investors should miss. In this article, we’ll take a look at how Meta Platforms, Inc. (NASDAQ:META) stands compared to other AI stocks.
Artificial intelligence (AI) data centers are one of the hottest topics on Wall Street, as companies across industries race to implement AI technology into their operations. The latest update comes from data center company Equinix, which recently entered into a joint venture with Singapore-based sovereign wealth fund GIC and Canada Pension Plan Investment Board to raise more than $15 billion in capital. announced the establishment of a business. The data center company said the capital will be used to expand its hyperscale data center footprint in the United States. Hyperscale data centers are the industry’s largest, typically developed by U.S.-based technology giants, offer massive network capacity, and often consume as much power as a large city or small country.
To learn more about these trends, visit 33 Most Important AI Companies to Watch and 20 Industrial Stocks Already Riding the AI Wave.
News from the U.S. Commerce Department further encouraged investors as tech stocks stage a resurgence on the back of Fed interest rate cuts and optimism about AI. The U.S. government announced earlier this week that it plans to award nearly $100 million in grants to accelerate the use of artificial intelligence in the development of new sustainable semiconductor materials. The funding is part of more than $52 billion in U.S. chip manufacturing and research funding promised by U.S. President Joe Biden. The funding will be used to support universities, national laboratories and the private sector to develop AI-powered autonomous experiments for sustainable semiconductor manufacturing. The goal is to reduce the time needed to develop new semiconductor materials that consume fewer resources.
To learn more about these developments, visit BlackRock’s 30 Most Important AI Stocks and Beyond the Tech Giants: 35 Non-Technology AI Opportunities.
our methodology
In this article, we selected AI stocks by examining news articles, stock analysis, and press releases. These stocks are also popular among hedge funds.
Why are we interested in stocks that hedge funds invest in? The reason is simple. Our research shows that by mimicking the top stock picks of the best hedge funds, you can outperform the market. Our quarterly newsletter strategy selects 14 small- and large-cap stocks each quarter and has returned 275% since May 2014, outperforming the benchmark by 150 points (Learn more here Please take a look).
story continues
A team of developers who work together to create a messaging application for a company.
Meta Platforms, Inc. (NASDAQ:META)
Number of hedge fund holders: 219
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, and wearables around the world. Pivotal Research analyst Jeffrey Wlodarczak recently initiated coverage on the stock with a Buy rating and a $780 price target. In a note to investors, the analyst emphasized that Meta is the world’s leading social media company with 3.3 billion daily active users. The analyst believes that the combination of increased usage, new products, better targeting, improved cost efficiencies and, ultimately, Reality Lab’s significantly lower losses and attractive valuations will boost the tech company’s earnings. I predicted that it would grow significantly.
Overall, META ranks #3 on our list of AI stocks that investors should miss. While we appreciate META’s potential as an investment, we believe that some AI stocks have a better chance of delivering higher returns over shorter time periods. If you’re looking for AI stocks with more promise than META, but trading at less than 5x earnings, check out our report on the cheapest AI stocks.
Read next: $30 trillion opportunity: 15 humanoid robot stocks to buy, according to Morgan Stanley and Jim Cramer, says NVIDIA has ‘become a wasteland.’
Disclosure: None. This article was originally published on Insider Monkey.
