Dan Niles Sees a New Way for Meta (META) to Cash In on AI Spending

Dan Niles, founder and portfolio manager of Niles Investment Management, said in a recent program on CNBC that Meta Platforms (NASDAQ:META) could build a public cloud as its next big business. Google, Microsoft and Amazon all rent out cloud computing to other companies, and Meta does not, Niles said. A cloud business would be the next way for Meta to make money from its huge AI spending, he said. Niles said the stock still has momentum. His firm wrote about Meta on September 7, when the shares were down about 7% for the year, and since then Meta has launched Muse, an AI agent that is number one on the App Store, ahead of ChatGPT, he said. "Do I like it as much as I did on September 7th? Of course not.