Meta Platforms ( (META) ) has been popular among investors this week. Here is a recap of the key news on this stock.
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Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, is making significant strides in the financial markets following its strong Q2 results. The company has received 38 new analyst ratings in the past 72 hours, with a consensus rating of ‘Strong Buy’ and an average price target of $860.17, suggesting a potential upside of 14.9%. This surge in analyst attention is largely due to Meta’s robust earnings report, which highlighted a 22% year-over-year increase in total revenue to $47.5 billion and an EPS of $7.14, surpassing expectations by $1.28.
In addition to its financial performance, Meta Platforms is aggressively expanding its artificial intelligence capabilities. The company is in talks with startups specializing in AI-generated video content, such as Pika, to enhance its AI offerings. This move aligns with CEO Mark Zuckerberg’s vision of ‘personal superintelligence’ and aims to bolster Meta’s ventures in smart glasses and virtual reality. The company’s strategic investments in AI, including the appointment of Scale AI CEO Alexandr Wang as chief AI officer and the acquisition of voice AI startup PlayAI, underscore its commitment to maintaining a competitive edge in the tech industry.