Meta Platforms, Inc. (NASDAQ:META) is one of the stocks Jim Cramer shared his thoughts on as he discussed Big Tech’s AI spending. Cramer highlighted the company’s growth, as he commented:
This morning on Squawk on the Street, I said something I kind of want to take back. I was being smarmy about Meta Platforms, saying they didn’t have the horses, and the stock had become a source of funds. That’s the kind of thing you sell so you can swap into something better. It’s one of the worst things you can say about a publicly traded company… After the show, I was reminded that Meta had 33% growth in the last quarter. That was the fastest pace in five years. That last great growth quarter, by the way, was from 2021, when the company had $29 billion in revenues. Now it’s $56 billion, yet they’ve got nearly the same growth rate. That’s impressive. Meanwhile, Meta has 3.5 billion daily active users. I mean, that’s almost half the world.
They’re adding some gigantic data centers with a CapEx budget that’s approaching $150 billion at a time when we are now realizing from Amazon at least that these behemoths are going to make your company a ton of money. More important, Meta is run by a man named Mark Zuckerberg. People in the tech business do live in fear that he might have something that they don’t know about that could change everything. After all, the guy’s done it before and now I’m counting him out? Did Zuckerberg somehow do something that makes him a less effective CEO?… I don’t know. In retrospect, I think it’s time to stop worrying and start buying. Clearly, the market agrees as Meta rebounded nicely from its early morning lows.
Photo by Alexander Shatov on Unsplash
Meta Platforms, Inc. (NASDAQ:META) develops technologies and applications that connect people through social networking and messaging. The company’s portfolio includes Facebook, Instagram, WhatsApp, Messenger, Threads, and virtual and augmented reality products.
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