Meta's metaverse reversal nods to tech's new mantra: AI or the highway [Business Insider]
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Source: Business Insider
Have an account? Log in This post originally appeared in the Business Insider Today newsletter. You can sign up for Business Insider's daily newsletter here Like a helicopter too heavy for lift off, tech companies are ditching anything they don't view as essential to get their AI plans off the ground. Meta is planning to cut its metaverse division's budget by as much as 30% and considering job cuts as part of the move, writes BI's Jyoti Mann and Pranav Dixit. The decision comes as tech companies look to pare back anything not directly focused on giving them an edge in the AI wars. Investors loved the move, with the stock finishing the day up almost 3.5%. For Meta, ditching the metaverse has been a long time coming. (We actually declared it dead back in checks notes May 2023 .) During Meta's most recent earnings call, the word "metaverse" wasn't even used once It's quite the reversal from when the metaverse was the literal inspiration for the entire company's rebrand f
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