Does Meta's AI pivot signal a wider abandonment of the metaverse? [Yahoo! Finance]
Alphabet Inc. - Class C Capital Stock (GOOG)
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Source: Yahoo! Finance
price drop 15%. The move highlighted Meta's commitment to generative AI and firmly signalled its pivot from its all-metaverse focus of the last few years. The AI investment comes amid a rapidly-evolving AI race, which has seen industry heavyweights including Google, OpenAI and Microsoft roll out AI services and products at a rapid rate. While Meta did not specify how much, the company stated that it expected its AI expenditure to increase in the years following 2024 as it continues to build AI infrastructure. Meta founder and CEO Mark Zuckerberg said the company had experienced a good start to the financial year. Meta recorded a total Q1 2024 revenue of $36.4bn, which is a 27% increase from last year. However, Zuckerberg told investors that it would take time before Meta's AI investments returned significant revenue back to the company. Meta's journey from the metaverse to AI Facebook, once a social media company, rebranded to Meta in 2021. At the time, Zuckerberg said the
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