Bank of America added Meta to its best investment ideas list called "US 1," while removing Google-parent Alphabet. The investment bank manages a list of 30 to 40 names of long-term investment picks from analysts, according to a Wednesday note. Other tech names included in the list are Amazon and Microsoft. Google remains a buy-rated firm, despite the omission, the firm said. Shares of Meta have cratered nearly 50% this year following a raft of challenges for the social media company, including a deterioration in ad demand. Meta is also having trouble monetizing Instagram Reels. Still, some analysts believe the drop is an opportunity to buy into Meta's long-term story when it is on the other side of those problems. Some analysts expect the company's investments into the metaverse and artificial intelligence will eventually pay off. Shares of Meta gained 0.8% in early trading. Alphabet climbed 0.2%. —CNBC's Michael Bloom contributed to this report.