10 Trending AI Stocks on Wall Street

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

Number of Hedge Fund Investors: 273

Meta Platforms, Inc. (NASDAQ:META) is one of the 10 Trending AI Stocks on Wall Street. On July 9, BofA Securities analyst Justin Post raised the price target on the stock to $765.00 (from $690.00) while keeping a “Buy” rating.

The rating affirmation followed reports that the AI giant has acquired almost 3% stake in its AI-eyewear partner EssilorLuxottica, which is the parent company of Ray-Ban and Oakley.

The investment reflects a deepening and longer-term partnership to develop smart glasses, as per the analysts. The reports further suggest that Meta may have the option to increase its stake in the eyewear company to 5% in the future.

According to the firm, Meta’s latest investment reflects a particular focus on smart glasses in Meta’s hardware and AI wearable strategy, whereas its VR goggles are likely to underperform expectations.