ChatGPT Stock Portfolio: Top 5 Picks

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

Number of Hedge Fund Holders: 220

Meta Platforms, Inc. (NASDAQ:META) shares posted a strong rebound after languishing for several months amid slowing growth and advertising concerns. Meta Platforms, Inc. (NASDAQ:META)’s first quarter results crushed all pessimism as its advertising revenue showed growth and the company also revealed some promising AI plans. The stock is up 87% year to date through May 13.

Meta Platforms, Inc. (NASDAQ:META) recently received praise from OpenAI CEO Sam Altman, who said at the 2023 Sohn Investment Conference that Meta could be a “surprising” new player in AI.

Artisan Value Fund made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q1 2023 investor letter:

“Our top contributors in Q1 were Meta Platforms, Inc. (NASDAQ:META), Warner Bros Discovery (WBD) and FedEx. Following sharp declines in 2022, shares of Meta Platforms have more than doubled since their early November 2022 lows. Last year’s drawdown created a highly favorable risk-reward, which we took advantage of by adding to our position. Management has wisely, in our view, recalibrated its spending plans to focus on profitability amid a weaker advertising environment, increased TikTok competition and Apple’s privacy changes. While investors got ahead of themselves back in 2021, extrapolating pandemic growth rates into the future, Meta is still a highly successful enterprise generating over $120 billion of revenue annually on a run-rate basis and has more than $40 billion in cash on its balance sheet to help it navigate its future course. Recent usage and engagement trends for Facebook and Instagram have been positive, and Reels—Meta’s answer to TikTok—is gaining traction.”