Meta Platforms (NASDAQ: META) stock has been on a tear this year, soaring by more than 150% through early November. That rally stems from the social media giant's accelerating sales growth, which occurred just as Meta's cost cuts ramped up in early 2023.

The combination sent earnings and profitability higher, propelling the stock far above the wider market's returns.

Smart investors know there's much more to the bullish investment thesis than just those headline results. The parent of Facebook and Instagram is also making bold bets in areas like artificial intelligence (AI) and virtual reality (VR) even as it seeks to shore up its finances. With that big picture in mind, let's take a look at three key things driving investors.

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Source Fool.com