Summary
Meta is redirecting some of its investment from the metaverse to focus on developing AI smart glasses. The company aims to build on the positive response to its recent AI-enabled glasses, as it adjusts to changing market demands and investor interest.
Key Facts
- Meta is moving some of its funds from the metaverse to AI smart glasses and wearables.
- Meta's AI smart glasses can show information in the lens and translate text.
- Meta cut its metaverse investments by up to 30%, increasing its stock price by over 3.4%.
- The move to metaverse investments was a key reason why Facebook rebranded to Meta in 2021.
- Meta has invested a lot in virtual reality and its platform, Horizon Worlds, but struggled to convince investors.
- Meta is now focusing on AI technologies and gadgets.
- Other companies, including those in China, are also working on smart glasses technology.
