Meta Platforms Inc. (NASDAQ:META) is one of the best growth stocks to buy, according to billionaire Ray Dalio’s Bridgewater Associates. On June 11, Meta Platforms Inc. (NASDAQ:META) entered into a strategic partnership with Reliance Industries.
The two are joining forces to develop a 168-megawatt AI-enabled data center in Jamnagar, Gujarat, India. The data center is to be powered by renewable energy and cooled with desalinated seawater, and is expected to come online within the next two years. While the investment marks Meta’s first AI investment in India, it builds on an expanding relationship with Reliance dating back to the $5.7 billion investment in Jio platforms in 2020.
Last year, Meta Platform and Reliance came together as part of a $100 million joint venture focused on developing AI solutions for the Indian and overseas markets. The social networking giant has already contracted for 1 gigawatt of renewable energy in India. The investment comes as US tech giants move to capitalize on India’s data center capacity, projected to expand from 1.5 gigawatts to 8 gigawatts by 2030.
Meta Platforms, Inc. (NASDAQ:META) builds social technology and software that connects billions of people globally. The conglomerate operates the world’s largest social media network, but its business also spans artificial intelligence, advertising, digital messaging, and hardware.
While we acknowledge the potential of META as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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