Meta stock climbs 6% on report of planned metaverse cuts

Group 1 - Meta CEO Mark Zuckerberg has repositioned the company as an AI-focused entity, indicating a strategic shift from its original social media roots [1][2] - Meta Platforms shares increased by approximately 6% following reports of potential significant cuts to the company's metaverse resources, with discussions considering reductions as high as 30% for that unit [1] - The rebranding to Meta in October 2021 was intended to signal a pivot beyond social media, highlighting the company's evolving focus [2]