5 Best Artificial Intelligence and Robotics Stocks To Buy According To Hedge Funds

2. Facebook, Inc. (NASDAQ:FB) 

Number of Hedge Fund Holders: 266  

Facebook, Inc. (NASDAQ:FB) has grown beyond a social media manager to a diversified technology company in recent years, expanding reach in the ecommerce, crypto, and artificial intelligence sectors. It is ranked second on our list of 11 best artificial intelligence and robotics stocks to buy according to hedge funds. The firm has integrated AI into already existing applications as well. The DeepFace AI system made by the firm uses image recognition technology and AI tools to identify people in photos and suggest tags. It is over 90% accurate.

Facebook, Inc. (NASDAQ:FB) was recently named among a list of S&P 500 stocks that are expected to beat market expectations on earnings in the third quarter. The firm also recently received a Buy rating from Bank of America, which said the regulatory risk to the firm because of lawsuits was already factored into the share price. 

At the end of the second quarter of 2021, 266 hedge funds in the database of Insider Monkey held stakes worth $42 billion in Facebook, Inc. (NASDAQ:FB), up from 257 in the preceding quarter worth $40 billion. 

In its Q1 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Facebook, Inc. (NASDAQ:FB) was one of them. Here is what the fund said:

“We continued to keep our learnings from 2020 in mind during the quarter as we sought to increase the up capture of the portfolio. We also made adjustments to the portfolio’s top 10 holdings to increase the participation of select stocks, including Facebook, while trimming our weighting to stable names, which now represent 47% of the portfolio. Our repositioning has been encouraging so far with the portfolio performing better on up days in the market while maintaining good down capture during more turbulent sessions.”