On Thursday, Cathie Wood-led Ark Invest made significant trades, including selling shares of Tesla Inc. (NASDAQ:TSLA)  , Meta Platforms Inc. (NASDAQ:META)  , and buying ARK 21Shares Bitcoin ETF (BATS:ARKB) . These moves come amid evolving market conditions and strategic shifts in the tech and crypto sectors.The Tesla TradeARK Next Generation Internet ETF (BATS:ARKW)  fund sold 7,478 shares of Tesla. on Thursday. The sale comes as Tesla’s stock closed at $454.53, marking a 1.74% increase. This transaction is ...

Meta Platforms is planning cuts to the metaverse—an arena Mark Zuckerberg once called the future of the company—and will shift spending to AI wearables https://t.co/LveOTxGktD ...

Now, the big tech story of the day is Meta. The stock's higher on a report that said the company is considering cutting the Metaverse Group's budget by as much as 30%. The stock has been under pressure lately on concerns about its massive spending and latest earnings.Meta raised the low end of total expenses for the year to $116 billion. Joining me now is Mike Pru, uh, research director at Forester, and Lloyd Walmsley, senior research analyst for Missouo. Lloyd, uh, just to clarify here, this isn't a a cons ...

Zuckerberg's bet on immersive online worlds has lost the company more than $77 billion since 2020. ...

It's a signal. And what's interesting about it is, as usual, as they think about the budget for 2026, they're going to make layoffs. They're going to cut about 10% across the entire business.That tends to be what happens at this time of year. But he gathered his top executives in his house in Hawaii to discuss, okay, where should most the resources be coming from. Because, remember, they are spending a ton on AI and people have been worried about that.How can he offset that. Well, 30% more cuts, therefore, ...

It's a signal. And what's interesting about it is, as usual, as they think about the budget for 2026, they're going to make layoffs. They're going to cut about 10% across the entire business.That tends to be what happens at this time of year. But he gathered his top executives in his house in Hawaii to discuss, okay, where should most the resources be coming from. Because, remember, they are spending a ton on AI and people have been worried about that.How can he offset that. Well, 30% more cuts, therefore, ...

What's interesting about this is. The consumer's general attitude to technology. Right.Am I going to use an AI to every day or am I going to jump headfirst into the metaverse. It's a big share move. But I think what I find interesting about your response is that you don't find it that surprising that there is being a back in the Metaverse initiative. No, I really don't find it surprising.If anything, I think people will wonder why it has why these cuts haven't happened sooner. Because I think, you know, eve ...

Core Insights - The consumer's attitude towards technology is shifting, with a notable decrease in time spent on screens and social media, leading to budget cuts in metaverse initiatives [2][3][15] - There is a significant overlap between AI and virtual reality technologies, but the demand for these innovations is not yet strong enough to justify large expenditures [4][6][7] - The standalone media app has seen limited adoption, with only 3.5 million users globally, indicating challenges in consumer acceptance compared to the billions using other platforms [11][12] Industry Trends - A 30% budget cut for metaverse initiatives is anticipated, which will likely include layoffs, reflecting a broader trend of companies reassessing their investments in emerging technologies [3][15] - Despite the popularity of social media, users are increasingly looking to reduce their screen time, which may impact future growth in these platforms [2][3] - Regulatory pressures are mounting on social media platforms, particularly in the EU, which could affect their operational strategies and competitive landscape [12][14][15] Company Performance - AI is positively impacting the business's bottom line and enhancing algorithms, but consumer-facing ventures are struggling to gain traction [5][10] - The integration of AI within existing platforms like WhatsApp and Instagram is more successful than standalone applications, which face stiff competition [12][14] - The company is experiencing challenges in user adoption for new technologies, which may hinder future growth prospects [11][12][15]

Meta plans to direct its investments to focus on wearables like its augmented reality glasses but does not plan to abandon building the metaverse. ...

Sounds like in the last few weeks. Last month, Zuckerberg assembled leadership. They looked at the budget for next year, and Metaverse is where they want to focus their cuts.Bring us your reporting. Yes. So this is an annual thing, right.Looking ahead to 20, 26 budgets. In this case, Mark Zuckerberg has a nice home in Hawaii where they have a series of meetings. Executives come in in the month of November.And to your point, they talk about this year, 10% cuts sort of across the board, looking at all the dif ...