Meta Stock Q4 Forecast: Can META Keep Rising as AI Leader Nvidia Loses Steam?

With YTD gains of nearly 63%, Meta Platforms (META) is the second-best performing constituent of the “Magnificent 7” group of stocks. And if we set aside Nvidia (NVDA) – whose breathtaking rally has helped it outperform big tech peers by a large margin – Meta has actually been the best-performing Big Tech company in the “normal” universe. Meanwhile, NVDA's rally has lost steam, and the stock has failed to reach its record highs that it hit in June.

Meta stock more than doubled last year, and was the second-best performing S&P 500 Index ($SPX) constituent - behind who else but Nvidia. At this point in 2024, Meta is the only Magnificent 7 stock to feature among the top 15 S&P 500 Index stocks, apart from Nvidia.