All industries have growth stocks, but technology has the most range. Tech stocks with AI skills are rising and have long-term promise. As the AI market grows to over $1 trillion by the end of the decade, a revolution may be underway.
Even if an AI company's earnings and stock price are improving, the opportunity may not be over. The stock may stall or decline, but momentum may continue, and this player may produce outstanding long-term results. Is any organization ready to deliver such results? One does, and you can buy shares of this ultimate growth company for $1,000 or less.
If you use Facebook, Messenger, Instagram, or WhatsApp, you presumably interact with Meta Platforms (NASDAQ: META) daily. The social media giant says that over 3.1 billion people use its apps daily. This has helped Meta grow through advertising, which accounts for most of its revenue.
Advertisers hurry to Meta since many of their target audience is there. The more time consumers spend on Meta apps, the more advertisers want to keep spending money. Ad revenue surged 24% to $38 billion in the last quarter, out of $40 billion.
Now, where does AI fit? Meta is investing in AI to improve social media, so use its applications more. Management wants AI across all its products and services. The company released Meta AI, a conversational assistant, on some apps. AI will eventually serve all users, from professionals to pleasure, according to CEO Mark Zuckerberg.
With Llama, the company has become a leader in large language models (LLMs), and Llama 3 is in training. The conversational assistant and other Meta AI systems employ Llama, which is open-source.
What makes open-source policy right Over time, this policy could help Meta win AI. Because many people utilize, troubleshoot, and provide feedback on an open-source platform, its technology will improve. A large user base might ensure security and make the platform an industry standard. Such leadership would attract top talent to the organization. So open-source seems like a good choice.
The corporation is investing heavily in AI, calling it the largest topic this year. It promises 600,000 GPUs by 2024. Zuckerberg says Meta is "playing to win" in AI, so he's adding GPU capacity to fuel AI model training. It recently declared its first dividend, demonstrating its financial ability to reward shareholders while growing in this high-potential industry.
The stock has risen more than 100% in the past year, yet it trades at 26 times forward earnings forecasts, a decent price for a growth player. Therefore, Meta Platforms is the best $1,000 growth stock to buy now.
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