Meta's Bet on Generative AI Is Really a Stepping Stone to the Metaverse
It seems like a decade has passed since Facebook rebranded its corporate entity to Meta Platforms (NASDAQ: META) (it was only in late 2021). Remember that? Meta was heralding a 3D digital future with sweeping bets on the metaverse. Fast forward just a year and a half, though, and Meta is back pedaling and heralding 2023 as "the year of efficiency," replacing thousands of workers with new AI tools to make its backend processes more profitable again.
Nasty bear markets that expose inefficient uses of financial resources tend to hasten pivots like this. But that doesn't mean Meta has given up on the metaverse. On the contrary, Meta's new AI is a stepping-stone approach to that same 3D future. Investors and tech enthusiasts alike should be happy with this shift.
Long gone are the days of all the metaverse razzmatazz, the metaverse basically referring to a 3D rendering of internet sites and services. These days, it's generative AI that has taken over as investors' fetish of the moment.
Source Fool.com
