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Meta Platforms (META) Continued to Benefit from AI

Harding Loevner, an asset management company, released its “Global Equity Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund generated a 6.9% gross of fee return in the first quarter compared to an 8.3% gain for the MSCI All Country World. Despite rising bond yields, the stock market gained throughout the quarter, partly because of continued interest in the potential applications of artificial intelligence. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Harding Loevner Global Equity Strategy highlighted stocks like Meta Platforms, Inc. (NASDAQ:META), in the first quarter 2024 investor letter. Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. The one-month return of Meta Platforms, Inc. (NASDAQ:META) was 5.77%, and its shares gained 71.37% of their value over the last 52 weeks. On May 24, 2024, Meta Platforms, Inc. (NASDAQ:META) stock closed at $474.36 per share with a market capitalization of $1.185 trillion.

Harding Loevner Global Equity Strategy stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its first quarter 2024 investor letter:

"In Communication Services, performance was led by Meta Platforms, Inc. (NASDAQ:META) and Netflix. Meta’s AI-powered Advantage+ product is winning an increasing share of advertisers’ budgets, supporting the company’s continued dominance of the digital-advertising market. Meta’s content-recommendation engine also has improved engagement and monetization for the Reels video feature, as competition from TikTok abates."

Copyright: rvlsoft / 123RF Stock Photo

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Meta Platforms, Inc.’s (NASDAQ:META) trailing 12 months revenue is $142.71 billion and its year over year quarterly revenue growth rate is 27.30% and earnings growth rate is 116.70%.

Meta Platforms, Inc. (NASDAQ:META) is in third position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 246 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of the first quarter which was 242 in the previous quarter.

In another article, we discussed Meta Platforms, Inc. (NASDAQ:META) and shared Baron Fifth Avenue Growth Fund's views on the company. Meta Platforms, Inc. (NASDAQ:META) was the top contributor Artisan Value Fund in the first quarter 2024. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.