Meta is 'net winner' on AI spending, says outperforming fund manager who previously sold the stock

The investor had previously sold Meta shares over concerns about its virtual reality investments, Metaverse.

An outperforming fund manager who previously sold Meta Platforms shares over concerns about the company's virtual reality investments is now bullish on the technology giant's artificial intelligence strategy. Stephen Yiu, chief investment officer of Blue Whale Growth Fund , said that Meta stands out as the only stock in the Magnificent 7 group, in addition to Nvidia , when it comes to artificial intelligence investments.

Yiu's endorsement comes as Meta faces scrutiny over its ambitious AI spending plans, prompting mixed reactions from Wall Street analysts. Meta raised the low end of its capital expenditures guidance for 2024 to $38 billion from a previous outlook near $37 billion. The top end of the capex indication is still $40 billion for this year.

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