Despite its poor performance two years ago, Mark Zuckerberg’s Meta (META) is up nearly 350% since 2022, as its AI strategy has it outperforming some of the biggest titans in tech. Indeed, the company has come out ahead of behemoths like Apple (APPL) and Alphabet (GOOGL) as far as its gains in the last several years.
That could be set to continue for the company, as its Q3 earnings report is nearing. It has continued to stay on the cutting edge, shifting with growing demand and pivoting with changing interests throughout the sector. The company most recently debuted its Orion augmented reality glasses, further solidifying that commitment to growth and expansion.
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The information technology sector has been a focal point for much of the last year. With Nvidia (NVDA) emerging amid a 190% stock surge, companies are looking to embrace the tech that resulted in such high demand for the chipmaker. Yet, only a few companies have been able to make that transition successfully.
Microsoft (MSFT) has thrived, but some have stumbled. Yet one has shocked the market with its recent shift. Indeed, Meta is up 350% since 2022 as its embrace of AI has driven tremendous gains. Specifically, the company is up more than 560% since its low two years ago.
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Over the last 24 months, only Nvidia’s 1,052% gains outearn Meta. The biggest reason is due to a plethora of cost-cutting measures as well as AI integration strategies that reaffirmed its position amid cutting-edge entities within the industry.
In July, Mack Zuckerberg assured the importance of artificial intelligence to the company’s future. During that month’s earnings call, he said, “Across Facebook and Instagram, advances in AI continue to improve the quality of recommendations and drive engagements.”
“We keep finding that as we develop more general recommendation models, content recommendations get better period,” he added. Currently, most analysts have a buy rating on the stock. With its Q3 earnings around the corner, it could be set to increase after recently setting an all-time high stock price.
