The latest report from Hedge Fund Research shows that the most popular stocks among hedge funds in the US over the last month have been Apple, Microsoft, and Facebook. The report found that Apple was the most popular stock, with $1.2 billion in net long exposure.

In comparison, Microsoft came second with prolonged exposure of $685 million and Facebook third with a net long exposure of $385 million. Microsoft’s long-term business model is to continuously invest in their platform and products, such as Azure, Office 365, and Surface.

They are also expanding into other industries, such as healthcare, by acquiring companies like Mojang for $2.7 billion. In the past two years, Microsoft has spent almost $18 billion on acquisitions and app development, indicating that they are serious about reworking their business model from being a software company to becoming a content company.

Facebook’s business model has always been similar to a software company, as they have many customers and profit from providing software as a service.

Turning their business model into one geared towards content will allow them to increase the revenue they receive while also creating new opportunities. As Facebook’s CEO Mark Zuckerberg said in an interview with CNBC, “We’re moving from being revenue-driven towards being usage-driven,” and “We’re not just competing on advertising anymore.