From Nasdaq:

Meta Platforms, known for social media dominance, boasts over 3.1 billion daily app users. Revenue soared to $134 billion last year, with a huge net income boost. Focusing on efficient growth, the company’s eye is on expanding its AI investments to ensure future success across different platforms.

Meta Platforms has big plans for Artificial Intelligence. Moving beyond traditional social media, the company plans to drive greater efficiency and revenue growth by integrating AI into every aspect of user experience. With the aim to dominate this space, Llama AI family and other products will mirror this integration moving forward.

Meta’s advertising revenue is set to soar with the help of AI. From utilizing AI to target ads more accurately, to leveraging its capabilities to enhance user experience on its platforms, the company honed in on an increase in ad exposure, further boosting revenue in the long run.

To bolster its AI capabilities, Meta aims to invest in GPU-based computing, open source infrastructure, and improve its data centers. Furthermore, the company plans to hike capital spending for this year by $2 billion, with a focus on AI development in order to stay ahead in the competitive AI field.

Despite a 150% surge over the past year, Meta’s stock still trades low for a growth stock, making it a good investment for the long term. With an initiative to invest a substantial amount into AI, the company is well on track to secure its foothold as the leader in social media with exponential future growth.



Read more: Meta Is Making AI Investment a Priority in 2024. Time to Buy?