Meta's Downsizing Signals Shift Away from Metaverse and Towards AI.

Facebook parent company Meta is laying off 10,000 employees as part of CEO Mark Zuckerberg's "Year of Efficiency" plan, which includes cutting back on spending amid falling digital advertising revenue and rising interest rates. Zuckerberg emphasized the importance of artificial intelligence (AI) to the company's future, stating that "our single largest investment is in advancing AI and building it into every one of our products." While the metaverse remains a key part of Meta's long-term strategy, the company's greater emphasis on AI allows it to appease investors while continuing to invest in its metaverse ambitions.