Meta Platforms (NASDAQ: META) has been in red-hot form on the stock market in 2023. The stock has jumped 170% so far this year on upbeat investor sentiment about a turnaround in the company's fortunes based on cost controls and an improvement in advertisement spending.

What's more, Meta is going all-in on artificial intelligence (AI). The term 'AI' was mentioned 49 times on Meta's latest earnings conference call on July 26, which is not surprising as this technology has the potential to supercharge the company's long-term growth in multiple ways.

Let's take a closer look at Meta's quarterly performance and check how AI could help this tech stock join the $1 trillion market cap club.

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Source Fool.com