10 AI Stocks Gaining Attention on Wall Street

Page 9 of 9

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

Number of Hedge Fund Investors: 273

Meta Platforms, Inc. (NASDAQ:META) is one of the 10 AI Stocks Gaining Attention on Wall Street. On August 5, Loop Capital analyst Alan Gould raised the price target on the stock to $980.00 (from $888.00) while maintaining a Buy rating.

According to the research firm, Meta’s “meaningful revenue growth acceleration and strong outlook” has been the biggest positive surprise among mega-cap earnings reports so far. The firm considers Meta to be the biggest non-hardware beneficiary of artificial intelligence.

“Most press reports position Meta’s recent hiring spree and capex expansion as an effort to “catch up”, but business results reinforce our view that the company is the largest non-hardware beneficiary. Acceleration in both user engagement and monetization is being driven by AI investment against what appears to be a very long runway.”

Several long-term opportunities were also identified for Meta, including business AIs, personal AI assistants, wearables, and open-source models. These, the firm believes, are each “very meaningful” for the company’s future.

While we acknowledge the potential of META as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than META and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 10 AI Stocks in the Spotlight Today and 10 AI Stocks Analysts Are Tracking Closely

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.

Page 9 of 9