At this point, it's almost impossible to downplay the effect artificial intelligence (AI) is having. People are using chatbots and other AI tools, and executives are altering their corporate strategies. It's no surprise that investors want exposure in their portfolios.
Here is one of the best AI stocks that you can buy right now.
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Leveraging AI to strengthen its position
Investing in new tech trends is hard because it's almost impossible to pick the winners early on. Luckily, Meta Platforms (META 1.30%) is already a winner. This is without a doubt one of the best AI stocks to buy. That's because it's using the technology to bolster its competitive position, building on its Llama LLM at the core.
Meta has almost 3.5 billion daily active users, a massive figure that expands with each passing quarter. The business leverages AI to improve content recommendations, resulting in more time spent on its apps. On the consumer-facing side, there are the popular Ray-Ban smart glasses. These are integrated with Meta AI.
The company is also helping advertisers be more creative and effective with their marketing campaigns, improving their outcomes with the power of AI.
Still a growth business
Founder and CEO Mark Zuckerberg said that "there are five basic opportunities that we're pursuing: improved advertising, more engaging experiences, business messaging, Meta AI, and AI devices."
He's putting his money where his mouth is, as Meta plans to spend $69 billion (at the midpoint) this year on capital expenditures, with more planned for next year. The ultimate goal is to develop personal superintelligence for everyone.
Of course, what really matters is how AI will affect the company's financials. So far, things are looking good. Meta's revenue and net income jumped 22% and 36%, respectively, last quarter.
