Does Meta Platforms (NASDAQ:META) deserve to be a member of the “Magnificent Seven” group of technology titans? As Meta Platforms relentlessly pursues the latest and greatest in social media and tech gadgets, the company definitely earns its “magnificent” designation and META stock is headed for much higher price points.
Meta Platforms is sometimes at the center of controversy. However, even while regulators scrutinize it, the company continues to generate revenue from Facebook, Instagram, WhatsApp, Reels and Threads.
Yet, Meta Platforms can’t afford to rest on its laurels. You never know what the company might do next, but rest assured that Meta Platforms will continue to innovate in multiple tech-related fields.
Meta Platforms Cautiously Tweaks Its Social Media Apps
There’s so much going on with Meta Platforms lately, it’s hard to keep track of it all. For one thing, Meta Platforms recently opened up its Sharing to Reels mobile-app widget to all developers. This is a smart move for Meta Platforms, as it will encourage developers on multiple platforms to share content on Reels.
Furthermore, its has been rumored (albeit not fully confirmed) that Meta Platforms is getting ready to introduce a Trends feature on Threads. This feature, according to a TechCrunch report, would display top-trending topics of interest to Threads users.
Perhaps most importantly of all, Meta Platforms is tweaking its social media platforms in order to purge potentially inappropriate, misleading or dangerous postings. In particular, Meta Platforms is working to eliminate and prevent the spread of Hamas-related disinformation.
Moreover, Nick Clegg, Meta Platforms’ president of global affairs, assures that Meta Platforms is working hard to prevent its artificial intelligence (AI) chatbots from providing inappropriate replies. This is an essential step in building trust as Meta Platforms continues to incorporate generative AI into its apps.
META Stock Is a Smart Bet on Smart Glasses
If you’re invested in META stock, you’re not just wagering on Meta Platforms’ social media apps. You’re also getting long-term portfolio exposure to new concepts in smart glasses.
I think it’s a worthy wager as smart glasses could be the next tech-gadget revolution after smartphones. Meta Platforms is evidently willing to make that bet, as the company is teaming up with Ray-Ban to develop next-generation smart glasses.
These smart glasses reportedly include augmented reality (AR) functionalities and Meta Platforms’ AI conversational assistant. They also feature livestreaming capabilities to Facebook and Instagram, according to analysts with The Futurum Group.
I’ll admit, it’s risky for Meta Platforms to co-develop smart glasses that might or might not gain traction among consumers. Yet, Meta Platforms didn’t become huge and successful by avoiding risks. Ultimately, the company’s foray into AR-enhanced smart glasses could be a major revenue generator for Meta Platforms.
META Stock: $300 Will Be Ancient History
Meta Platforms has earned its place among the “Magnificent Seven” by pioneering technology trends and growing its business over time. Sure, Meta Platforms takes risks, but that’s the mark of a company that can provide enduring value.
If you’re skeptical of Meta Platforms’ venture into AR-enhanced smart glasses, you don’t have to invest in the company. However, there’s little doubt that Meta Platforms will continuously improve its social media platforms.
Therefore, I fully expect META stock to move far past $300 in the long run. It should have no problem reaching $500 within a couple of years, so just hang on and don’t let go.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
