Group 1: International Macro - The number of initial jobless claims in the U.S. reached the lowest level since September 2022, with a decrease of 27,000 to 191,000, against an estimate of 220,000 and a previous value of 216,000 [7] - Market expectations for a Federal Reserve interest rate cut are rising, with an 87% probability of a cut next week according to the CME FedWatch Tool [7] Group 2: Corporate News - Meta is considering a budget cut of up to 30% for its metaverse division, which includes products like Meta Horizon Worlds and the Quest virtual reality department, with potential layoffs as early as January 2026 [8] - Microsoft announced a global price increase for Office software subscriptions for business and government customers starting July 2026 [9] - Mercuria plans to withdraw over 40,000 tons of copper from Asian warehouses due to anticipated supply shortages, with the current value of this copper estimated at approximately $460 million [9] Group 3: Institutional Insights - The World Gold Council's 2026 outlook report indicates that gold prices may remain volatile due to ongoing geopolitical uncertainties, with potential increases of 15% to 30% under adverse conditions, or declines of 5% to 20% if inflation returns [10] - Goldman Sachs states that the recent rise in copper prices is driven by expectations of future supply tightness rather than current fundamentals, predicting that copper prices will fluctuate between $10,000 and $11,000 per ton until 2026, with a real shortage expected by 2029 [10]

Core Insights - Meta Platforms is planning a significant strategic reduction in its metaverse project, with potential budget cuts of up to 30% for the fiscal year 2026, affecting products like "Horizon Worlds" and Quest VR devices [1] - The Reality Labs division has incurred cumulative losses exceeding $70 billion since the company's pivot to the metaverse in 2021, with ongoing investor skepticism due to limited consumer applications and privacy concerns [1] - Following the news of budget cuts, Meta's stock price rose over 6% in pre-market trading, indicating market optimism regarding the company's decision to tighten its long-term loss-making ventures [2] Budget Cuts and Strategic Shift - The budget cuts are part of Meta's fiscal planning for 2026, with CEO Mark Zuckerberg requesting a general 10% expense reduction across business lines, while the metaverse division faces deeper cuts due to disappointing market performance [1] - Analysts have suggested that Meta should consider shutting down the Reality Labs division, with predictions that projects like Horizon Worlds may be closed by the end of the year to focus on more promising AI initiatives [3] Focus on AI and Hardware - Zuckerberg has shifted focus from the metaverse to AI, emphasizing large models and generative AI products, including the Llama model and Meta AI assistant, as well as AI-related hardware like Ray-Ban smart glasses [3] - Despite the cuts in metaverse spending, Meta continues to strengthen its consumer hardware strategy, recently hiring a prominent design leader from Apple, signaling a future direction more aligned with AI rather than virtual world development [4]

Core Insights - Meta Platforms is planning a significant strategic reduction in its metaverse project, with potential budget cuts of up to 30% for the fiscal year 2026, affecting products like "Horizon Worlds" and Quest VR devices [1] - The Reality Labs division has accumulated losses exceeding $70 billion since the company's pivot to the metaverse, raising investor skepticism due to limited consumer applications and ongoing controversies [2] - CEO Mark Zuckerberg is shifting focus towards AI, emphasizing large models and generative AI products, while reducing emphasis on the metaverse [3] Group 1 - Meta's metaverse budget cuts are part of a broader strategy to address ongoing losses and lack of expected market growth [1] - The company is expected to announce new layoffs as early as January, following internal discussions about budget reductions [1] - The stock price rose over 6% in pre-market trading after news of the cuts, indicating market optimism regarding the reduction of long-term losses [2] Group 2 - Zuckerberg's recent public statements have shifted towards AI, with significant investments in AI models and related hardware, moving away from metaverse discussions [3] - Analysts have suggested that closing the Reality Labs division could allow Meta to focus resources on more promising AI initiatives [3] - Despite the cuts in metaverse spending, Meta continues to strengthen its hardware strategy, recently hiring a prominent design leader from Apple to align future products with AI ecosystems [4]