It seems like every few years the capital markets become enamored with a new buzzword. A couple of years ago, the term "metaverse" captured the attention of investors looking to understand the applications of the virtual world.

Perhaps the biggest foray into the metaverse was made when social media company Facebook changed its name to Meta Platforms (NASDAQ: META) in late 2021. What followed was a miscalculated multibillion investment in 2022, eventually culminating in deteriorating revenue growth, shrinking profit, and a cratering share price.

After dropping over 60% in 2022, Meta stock rewarded those who bought the dip and held on for the near-200% surge last year. With Meta closing in on a $1 trillion market cap club, let's explore why 2024 could be another great year for this "Magnificent Seven" member.

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Source Fool.com