Meta Platforms (NASDAQ: META) is best known for its social media dominance, and for good reason. More than 3.1 billion people use one of the company's apps every day. From Facebook to Instagram, Whatsapp, and Threads, the company has become an expert when it comes to connecting people.

And this expertise along with recent cost cuts and a focus on efficiency has driven earnings gains. Last year, revenue climbed in the double digits to $134 billion, and net income soared 69% to $39 billion. This is mainly thanks to advertising revenue across the company's social media platforms.

But Meta's focus doesn't stop at social media as we know it today. The company over time has shifted gears to invest in something that could reinforce its social media dominance, ensure advertising revenue growth, and even offer potential for new sources of revenue. I'm talking about artificial intelligence (AI). "AI will be our biggest investment area in 2024," Meta chief executive officer Mark Zuckerberg said last year. Does this make the stock a buy? Let's find out.

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Source Fool.com