5 AI Stocks on Wall Street’s Radar: Datadog, Microsoft, and More

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

Number of Hedge Fund Holders: 262

Meta Platforms, Inc. (NASDAQ:META) is one of the AI stocks on Wall Street’s radar. On July 2, Meta Platforms, Inc. (NASDAQ:META) chief executive officer Mark Zuckerberg acknowledged that the company’s AI agents have not progressed as quickly as expected. Likewise, the company’s bet on the new structure has not borne fruit.

The remarks come as the company plans to spend as much as $145 billion on AI infrastructure this year, a significant portion of the more than $700 billion that big tech companies are poised to spend. Amid the expected investment, Zuckerberg remains confident that the company will reap significant benefits from the AI investments within the next three to six months.

The AI push has already led Meta Platforms to conduct a major reorganization, resulting in significant job cuts. The company has already laid off about 10% of its global workforce and reassigned about 7,000 employees to AI-focused teams. The cuts are part of a broader restructuring aimed at funding costly AI investments to position the company to capitalize on efficiency gains from AI-assisted work.

Meta Platforms, Inc. (NASDAQ:META) is an American multinational tech conglomerate that owns and operates several prominent social media platforms and communication services.