Meta Retreats From The “Metaverse”, Signaling A Tech Realignment [Forbes]
Meta Platforms, Inc. - Class A (META)
Company Research
Source: Forbes
When Facebook CEO Mark Zuckerberg announced he would rename the company Meta to reflect his $10 billion investment in the Metaverse, I went on record saying it was a big mistake. At the time, I had been doing a lot of research on the concept of the metaverse, especially XR and AR, and had tested a few VR headsets. While I understood that the concept of VR could be groundbreaking, I saw it as more of a niche, impacting games and certain enterprise apps like field service and industrial design, and not worth renaming a company around the metaverse. Although I still believe in the concepts of XR, VR, and AR, and that they will impact businesses and consumers over time, AI has become the dominant umbrella technology that will impact all things digital now and in the future. So it was no surprise to me when Meta reported plans to slash its metaverse division's budget by up to 30%. It's a clear signal of the tectonic shift happening across the technology landscape as companies realig
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- META's page on the SEC website