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Is META Stock on Track to Break $500 in 2024? Is META Stock on Track to Break $500 in 2024?

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When a stock goes up a lot, as Meta Platforms (NASDAQ:META) stock has done, there will always be worry warts telling you to sell or avoid it. You might even hear warnings from famous hedge fund managers. Once you examine the facts, you’ll be convinced that Meta Platforms will thrive in 2024.

You’ve probably already heard about Meta Platforms’ outstanding quarterly results, new dividend, and massive share-buyback program. These all add to the powerful bull case for Meta Platforms stock, which earns an “A” grade from us. Get ready, though, as there’s more positive news to report for Meta Platforms right now.

Meta Platforms Has Big Plans for AI in July

July could be a landmark month for Meta Platforms. That’s when plans to release a new artificial intelligence large language model version, called Llama 3.

Currently, Llama 2 powers AI chatbots on Meta Platforms’ social-media platforms. Llama 2 is quite robust, but Llama should provide better responses to users’ queries, especially on controversial topics.

As powerful as Llama 2 already is, it avoids answering questions with controversial-looking language. Llama 3 should have a greater degree of intelligence in this area.

For example, Llama 3 should hopefully understand that “how to kill a vehicle’s engine” isn’t a controversial query about death. It’s only a query about how to shut down an engine.

If Llama can successfully navigate controversial-looking phrases, this will represent a big step forward in Meta Platforms’ LLM technology.

Meta Platforms and an Important Partnership

Meanwhile, Meta Platforms CEO Mark Zuckerberg is apparently seeking to strengthen his strategic alliance with South Korean technology-hardware company LG Electronics.

According to Reuters, Zuckerberg met with LG Electronics executives on Feb. 28 “to discuss a stronger partnership in extended reality devices and potential cooperation in artificial intelligence.”

The meeting with LG Electronics was, per Bloomberg, Zuckerberg’s “latest stop on a tour of Asia that’s taken the billionaire founder from Tokyo to Seoul.” How will Meta Platforms and LG Electronics strengthen their cooperative alliance, though?

A statement from LG Electronics offers some insight into this. “LG envisions that by bringing together Meta’s platform with its own content/service capabilities from its TV business, a distinctive ecosystem can be forged in the XR [extended reality] domain,” the South Korean company clarified in a statement.

It will be interesting to find out, in the coming quarters, whether this collaboration will help Meta Platforms produce more advanced versions of the company’s Quest virtual reality headsets. In time, Meta Platforms and LG Electronics could jointly accelerate the development of a range of AI-enhanced VR products.

Meta Platforms Stock: What Comes After $500?

Meta Platforms stock recently touched $500, and some people might worry about a potential pullback. In the long term, however, Meta Platforms’ relentless pursuit of best-in-class technology should provide ongoing value to the shareholders.

As long as Meta Platforms strives to advance the latest and greatest in AI and VR technology, there’s no reason for investors to worry. Going forward, prepare for META stock to move past $500 and test $600, $700, and increasingly higher price points.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.