Last year was a tough one to be a Meta Platforms (NASDAQ: META) investor. The stock plunged 64% as marketers pulled back on ad spending, denting the company's returns.

Yet so far this year, it appears all is forgiven. The stock has more than doubled so far in 2023, gaining roughly 173% since its trough in early November. Anticipation regarding the end of the downturn is on the upswing -- helping boost investor confidence and the broader market as a whole, which is no doubt helping to fuel Meta's rise.

However, the biggest contributors to the stock's epic move are the company's dramatic cost-cutting efforts and evidence that artificial intelligence (AI) has helped Meta regain its competitive advantage.

Continue reading

Source Fool.com