We recently published a list of 10 Must-Watch AI Stocks on Investors’ Radar. In this article, we are going to take a look at where Meta Platforms, Inc. (NASDAQ:META) stands against other must-watch AI stocks on investors’ radar.
With everyone competing towards supremacy in artificial intelligence, the latest country to intensify its efforts has been Britain. As reported by Reuters, British Prime Minister Keir Starmer said on Monday, January 13th, that he wanted to make the UK an artificial intelligence “superpower”. To reach this goal, the Prime Minister has promised to take a pro-innovation approach to regulation, make public data available to researchers, and create zones for data centers.
READ ALSO: Top 10 AI Stocks on Latest Analyst Ratings and News and 15 Important AI News and Ratings on Investors’ Radar
Starmer plans to make artificial intelligence a key part of his strategy to boost the economy. According to the government, the technology could improve productivity by 1.5% a year, translating to an extra 47 billion pounds ($57 billion) annually over a decade.
“Britain will be one of the great AI superpowers. We’re going to make the breakthroughs, we’re going to create the wealth, and we’re going to make AI work for everyone in our country”.
-Starmer said at University College London, noting that the country was already the European leader for AI investment.
Another country that has been actively striving towards reaching supremacy when it comes to AI has been the US. In its latest efforts, the US government is moving to restrict artificial intelligence chip and technology exports further. Dozens of countries will be facing new restrictions on the export of advanced computer chips and other artificial intelligence (AI) technology. According to officials, the new rules are intended to make sure that “the world’s AI runs on American rails” and keep it out of the hands of “malicious actors” who could use it to threaten the United States.
Even though the US government may think it’s heading in the right direction, many top tech companies don’t necessarily agree.
“In the wrong hands, powerful AI systems have the potential to exacerbate significant national security risks, including by enabling the development of weapons of mass destruction, supporting powerful offensive cyber operations, and aiding human rights abuses, such as mass surveillance”.
-US Commerce Department
Chipmaker Nvidia is also against these restrictions and will be the most impacted by the plan. According to the chipmaker, if the restrictions are implemented, they would not “mitigate any threat” but only “weaken America’s global competitiveness” and undermine its innovation.
“By attempting to rig market outcomes and stifle competition—the lifeblood of innovation—the Biden Administration’s new rule threatens to squander America’s hard-won technological advantage”.
-The company said.
For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
Meta Platforms, Inc. (NASDAQ:META)
Number of Hedge Fund Investors: 235
Meta Platforms, Inc. (NASDAQ:META) is a global technology company. On January 10, Reuters reported that a group of authors alleged that Meta Platforms used pirated versions of copyrighted books to train its artificial intelligence systems. They also alleged that this has been done with approval from its CEO, Mark Zuckerberg, as revealed by newly disclosed court papers. Some of the authors suing Meta for copyright infringement include Ta-Nehisi Coates and comedian Sarah Silverman. The accusations, in filings made public on Wednesday in California federal court, revealed that the authors have claimed that the internal documents produced by Meta during the discovery process showed the company knew the works were pirated. Asking for permission to file an updated complaint, the authors said that the new evidence showed Meta used the AI training dataset LibGen. LibGen allegedly contains millions of pirated works that are distributed through peer-to-peer torrents. Internal communication from Meta showed Zuckerberg “approved Meta’s use of the LibGen dataset notwithstanding concerns within Meta’s AI executive team (and others at Meta) that LibGen is ‘a dataset we know to be pirated”, the authors further claimed.
Overall, META ranks 1st on our list of must-watch AI stocks on investors’ radar. While we acknowledge the potential of META as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than META but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
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