Meta shares jump on report company slashing VR spending

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Shares in Meta rose sharply on Thursday following a report that the Facebook parent company is significantly cutting back on virtual reality investments as it pivots toward artificial intelligence.

In 2021, CEO and founder Mark Zuckerberg bet heavily on virtual reality’s promise, even rebranding his company from Facebook to Meta — a signal of his confidence that the future belonged to the metaverse, an artificial world accessible through VR headsets.

Reality Labs, the division largely devoted to VR products, has since 2021 burned through $80.6 billion…



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Meta shares jump on report company slashing VR spending



Shares in Meta rose sharply on Thursday following a report that the Facebook parent company is significantly cutting back on virtual reality investments as it pivots toward artificial intelligence.

In 2021, CEO and founder Mark Zuckerberg bet heavily on virtual reality’s promise, even rebranding his company from Facebook to Meta — a signal of his confidence that the future belonged to the metaverse, an artificial world accessible through VR headsets.

Reality Labs, the division largely devoted to VR products, has since 2021 burned through $80.6 billion…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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