Meta Platforms (NASDAQ: $META) recently hit a new 52-week high. It is getting closer to levels last seen at the end of 2021. While 2022 was a bad year for Meta Platforms, it proved that Meta was a resilient company.
Meta stock is on track to achieve its most successful year, surging by 178% in 2023 as of last Friday’s market close, gaining 2.9% during the last trading session. The stock’s surge has contributed to the S&P 500 reaching a new high. This makes 2023 one of the best years for the company.
In 2022, the company stocks plunged 64%, marking one of the worst performances for the stock. Mark Zuckerberg termed 2023 the “year of efficiency”. Following three consecutive quarters of declining sales last year, growth rebounded in 2023. Meta reported a 23% growth in revenue for the third quarter, marking its most substantial increase in two years.
AI Revolution Leaps into Social Media
Meta stock’s recent surge can be attributed to rising interest in artificial intelligence. Despite various contenders vying for the top spot, Facebook remains Meta’s primary asset.
The company has made a significant bet on artificial intelligence, which now powers many features on Facebook.
According to a recent update from Meta, they are testing 20 new ways for AI to improve users’ experience on Facebook, WhatsApp, Instagram, and Messenger. Investors, thirsty for investment in firms linked with advanced technologies such as AI, have placed their money in Meta.
It is still too early to tell which companies will win the AI battle. However, most investors think it is better to invest in tech giants, setting up a genuine way to enhance their business with AI, Meta being one of them.
Meta’s Best Year
Meta is currently in a position of strength. Thanks to its massive user base, it remains a key platform for valuable, detailed advertising that is not easily accessible in most other media. It is one of the companies on the right track, with the perfect mix of the latest technologies and AI. META is on course to achieve its best annual performance since it debuted on NASDAQ in May 2012.
Should You Buy Meta Stock?
Meta reached a new 52-week high on Friday, December 15, 2023. Analysts forecast a great future for the stock in the upcoming years. With the company investing heavily in AI, their predictions will likely pan out.
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