Meta Platforms, one of the world’s leading technology companies, has shifted its focus from its Metaverse initiative to funding generative AI.
Meta, formerly known as Facebook, has announced a major second round of layoffs, reflecting a renewed focus on generative artificial intelligence (AI). The change comes a year and a half after the company rebranded to reflect its ambitious Metaverse initiative.
The move comes in line with many large companies cutting headcount and cutting side projects during this economic uncertainty. Additionally, CEO Mark Zuckerberg turned his attention to his AI advances from the Metaverse dream.
This week, Meta announced the closure of its portal platform. This will allow us to focus more resources on developing generative AI technologies. These technologies are expected to drive breakthroughs in augmented reality (AR), virtual reality (VR), computer vision, robotics, and machine learning.
Metaverse and web3 companies have seen their funding skyrocket, jumping from $586.7 million this year to nearly double the generative AI startups that raised just $612.8 last year. However, Mark Zuckerberg’s recent announcement about his 10,000 job cuts has led the metaverse to ‘again’, instead revealing enormous growth potential within the realm of artificial intelligence technology.
In October 2021, Facebook took the brave step of changing its name to Meta in the face of growing criticism and investor expectations for the Metaverse. This change had initial hopes but ultimately fell through as user numbers declined and the generative AI platform gained notoriety. Many people are wondering where Meta’s virtual reality products will go next as the current situation is difficult.
Meta continues to struggle to pursue a fully realized Metaverse while remaining silent about the situation. Plans for an on-board “neural interface watch” is one item on our hardware roadmap. But that’s not all. Sony just launched the PlayStation VR 2, and Apple is also set to unveil a stunning mixed reality headset this year. It’s clear: the union of technology and fantasy is building an exciting hardware rivalry that could change humanity forever!
Meta is betting big on generative AI in this move. The company’s engineers and researchers have already made impressive strides in several research areas, including natural language processing (NLP) and computer vision-based navigation systems.
Meta’s dedication to pushing the boundaries of traditional technology is impressive. Our new focus on funding generative AI puts us at the forefront of important breakthroughs in AR/VR tech and other exciting areas. We can’t wait to see what they come up with next!
H/T: Axios
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