We recently published a list of 14 AI News Updates Wall Street Is Monitoring. In this article, we are going to take a look at where Meta Platforms, Inc. (NASDAQ:META) stands against other AI news updates Wall Street is monitoring.

Merely days after Donald Trump won a tightly-contested election for the top office in the US, Elon Musk, one of his most prominent backers, received further good news as xAI, the AI startup he founded in 2023, raised $5 billion in a funding round. The latest round of funding brought the valuation of the startup to over $50 billion. News publication The Wall Street Journal reported that Valor Equity Partners, Sequoia Capital, and Andreessen Horowitz were part of the raise, while the sovereign wealth fund of Qatar also participated in the funding process. This set of investors had also backed the startup with $6 billion in funding earlier this year.

Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.

xAI has developed Grok, one of the leading AI chatbots in the world. It rivals the performance of chatbots from tech powerhouses with far greater resources. The firm also controls Colossus, one of the most powerful supercomputers globally. The supercomputer will become fully operational by the end of this year and Musk plans on expanding the hardware at the center of this endeavor to 200,000 GPUs. Last year, the startup also released PromptIDE, an integrated development environment designed for prompt engineering and interpretability research.

Read more about these developments by accessing 30 Most Important AI Stocks According to BlackRock and Beyond the Tech Giants: 35 Non-Tech AI Opportunities.

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).

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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. On November 20, investment advisory Jefferies maintained a Buy rating on the stock with a price target of $675. In an investor note, the advisory said it was bullish on the Meta hiring of Clara Shih, the former Salesforce CEO of AI. It termed the update a big step forward in Meta’s push to monetize its AI with businesses and enterprises. The advisory thinks Clara’s experience at CRM building Agentforce will be advantageous in Meta’s efforts to build Gen AI tools and agents for the more than 200 million businesses that leverage WhatsApp, Instagram and Facebook each month.