Meta Platforms is planning budget cuts of up to 30% for its metaverse division in 2026 after years of heavy spending and financial losses. The announcement led to a premarket share price increase of over 4%. Executives are considering significant cuts, including layoffs, due to lower industry momentum for metaverse technologies. Reality Labs, a part of Meta, has lost over $70 billion since 2021. The company is shifting focus towards AI models, Meta AI, and hardware like Ray-Ban smart glasses. Meta has also spent nearly $20 million on lobbying this year. Stay tuned for updates on this developing story.

Read more at Quiver Quantitative: Meta Plans Deep Cuts to Metaverse Spending as Shares Rise on Shift Toward AI