5 AI Stocks Billionaires are Loading Up On

In this article, we will take a look at the 5 AI stocks billionaires are loading up on. To see more such companies, go directly to 10 AI Stocks Billionaires are Loading Up On.

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

Number of Billionaire Investors: 26

Meta Platforms, Inc. (NASDAQ:META) is not behind in the AI race. Meta Platforms, Inc. (NASDAQ:META) earlier this year revealed its own large language model called LLaMA and went a step ahead and made it open source, something no other company has done. In Meta Platforms, Inc. (NASDAQ:META)’s latest earnings call Mark Zuckerberg talked about AI and how the technology is already helping the company in its business. Meta Platforms, Inc. (NASDAQ:META)’s ads revenue saw huge growth in the first quarter thanks to its Reels feature which according to many reports is using AI technology.

A total of 26 billionaires in Insider Monkey’s database had stakes in Meta Platforms, Inc. (NASDAQ:META) as of the end of the first quarter.

Harding Loevner Global Equity Strategy made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q1 2023 investor letter:

“The losses from SVB and First Republic were significantly mitigated, though not fully offset, by a rebound in shares of growth companies, which contributed to outperformance among our Communication Services and IT holdings. Our biggest relative contributor was Meta Platforms, Inc. (NASDAQ:META), the parent of Facebook, which pledged to boost efficiency through layoffs and a hiring freeze.”