"In December, Mark Zuckerberg instructed Meta's business divisions to cut expenditures by 10%, Fast Company reports. But Reality Labs - the group responsible for developing metaverse hardware and experiences that reportedly lost $73 billion in five years - cut spending by 30%. As a result, Meta laid off 1,000 employees from Reality Labs this week, according to . It appears the metaverse - once by McKinsey to be a $5 trillion market by 2030 - is ending with a whimper."
"The problem with labeling everything as "AI-powered" is that it lumps in tools and techniques platforms have used for years, giving AI critics an easy target for scrutiny. Case in point: In advance of this week's National Retail Federation Big Show, Google announced its new Universal Commerce Protocol (UCP) for powering AI shopping agents across Shopify, Etsy, Wayfair and Target."
In December Mark Zuckerberg instructed Meta's business divisions to cut expenditures by 10%; Reality Labs cut spending by 30% and laid off 1,000 employees after reportedly losing $73 billion over five years. The metaverse, once projected by McKinsey as a $5 trillion market by 2030, has failed to materialize and is winding down. Meta's efforts to diversify beyond an ad-based model—through finance, cryptocurrency, gaming and hardware—have largely fallen flat. Big Tech is pivoting toward AI, but labeling many features "AI-powered" conflates long-established tools with new capabilities and invites scrutiny. Netflix is expanding into live sports to tap the $70 billion TV ad market, and Google launched a Universal Commerce Protocol for AI shopping agents.
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