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In 2023, social media company Meta Platforms (META) (formerly Facebook) emerged as the most impressive member of the "Magnificent Seven" group, propelled by the artificial intelligence (AI) rush. The group also includes other high-performing U.S. tech giants, like Apple (AAPL), Amazon (AMZN), Alphabet (GOOGL), Microsoft (MSFT), Nvidia (NVDA), and Tesla (TSLA).
Meta’s stock soared a whopping 184% on the year, wildly outperforming the S&P 500’s ($SPX) gain of 25%. Wall Street’s optimism toward Meta stems from the company's commitment to advancing AI research and integrating the technology into its ecosystem, which bodes well for its long-term prospects.
