We recently published a list of 15 AI News Updates Investors Should Not Miss. In this article, we are going to take a look at where Meta Platforms, Inc. (NASDAQ:META) stands against other AI news updates investors should not miss.
A latest report into the adoption of AI in the United Kingdom has revealed that even though a lot of companies are using AI, only a few have integrated the new technology into their manufacturing processes. The study, called The Future Factories was carried out earlier this year in collaboration with design software giant Autodesk. The report warns that the lack of confidence in digital technologies and AI means companies in the UK are at risk of missing out on innovation and productivity gains. It also proposes how government initiatives and regulation can support the adoption of new technologies.
Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.
The report further highlights that manufacturers were mostly using AI to manage their energy usage and reduce waste. It added that some of the manufacturing sectors in which AI was being used were predictive maintenance and supply chain optimization. Per a survey cited in the study, the biggest benefits manufacturers cited were increased efficiency, improved productivity, and automation of routine tasks. The research highlights that the benefits show the importance of lowering the barrier to entry for these technologies and the untapped potential in this field for small manufacturers.
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For this article, we selected AI stocks by combing 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 Holders: 235
Meta Platforms, Inc. (NASDAQ:META) engages in the development of products that enable people to connect and share with friends and family. The company has become one of the most important AI enablers across the globe through the development of Llama, a family of autoregressive large language models (LLMs) released by Meta AI starting in February 2023. Llama is built on an open-source model and other companies are now starting to come up with competitors. Samsung recently launched Gauss-2 to rival Llama. The development is important as Samsung plans to launch AI-powered XR smart glasses in 2025, competing with Ray-Ban Meta glasses.
Overall, META ranks 3rd on our list of AI news updates investors should not miss. 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.