Meta is undoubtedly a great pick, but Nvidia still has a lot of room to run. It also happens to be a favorite of many of Wall Street's billionaires, appearing at the top of several funds. Both of these stocks will likely continue to lead the AI industry and outperform the broader market.

Stocks fell in morning trading Friday as Wall Street closes out a holiday-shortened week. The S&P 500 fell 1.4%, with more than 80% of stocks in the benchmark index losing ground. Still, the index is managing to hold onto a modest gain for the week.

The “Magnificent Seven” group of high-performing tech stocks — Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — has accounted for more than half of the gains so far this year as they benefit from intense investor focus on ways to play the artificial intelligence boom,