After a dismal 2022, Meta Platforms (NASDAQ: META) stock fired up the afterburners in 2023, with shares up roughly 162% so far this year (as of this writing), more than 13 times the gains of the S 500. This marks a stark reversal of fortune compared to last year when the stock plunged more than 64%. 

The blistering gains this year came in response to a return to revenue growth after several quarters of declines. The social media empire also got a boost from the potential implications of its use of artificial intelligence (AI).

Investors that sat out Meta Platforms' current sprint higher are left with a quandary. Should they simply buy now in the hopes of further gains or avoid the stock because of its frothy valuation and the remaining uncertainty in the digital-advertising industry? Let's take a look.

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Source Fool.com