Meta Platforms, one of the world’s leading technology companies, has shifted its focus from its Metaverse initiative to generative AI funding.
Meta, formerly known as Facebook, has announced a massive second round of layoffs reflecting a new focus on generative artificial intelligence (AI). This move comes a year and a half after the company changed its name to reflect its ambitious Metaverse initiative.
The move comes in line with many large companies shedding staff and side projects during this economic uncertainty. Additionally, CEO Mark Zuckerberg has turned his attention away from the Metaverse dream and toward AI advancements.
This week, Meta announced that it has closed its portal platform, allowing it to focus more resources on developing generative AI technologies. These technologies are expected to drive augmented reality (AR), virtual reality (VR), computer vision, robotics, and machine learning.
Metaverse and Web3 companies have seen a meteoric rise in funding, going from $586.7 million this year to nearly double generative AI startups, which raised just $612.8 last year . However, Mark Zuckerberg’s recent announcement of 10,000 job cuts puts the metaverse on an ‘also’ – and instead reveals the immense potential for growth in the field of artificial intelligence technology.
In October 2021, Facebook made a bold move by changing its name to Meta in the face of mounting criticism and investors’ anticipation of the Metaverse. While this change initially brought hope, it ultimately fell through as user numbers dwindled and generative AI platforms gained prominence. Many people are wondering where Meta’s virtual reality products are going because the current circumstances have been challenging.
Meta continues to work to pursue a fully realized metaverse while remaining silent on the situation. Plans for virtual reality (VR) headsets, augmented reality (AR) glasses, and even a “neural interface clock” using cutting-edge AI technology are among the items on their hardware roadmap. However, they are not the only ones; Sony just made the PlayStation VR 2 available, and Apple is also expected to unveil a stunning mixed reality headset this year. It’s obvious: at the intersection of technology and imagination, an exciting hardware conflict is brewing that could change humanity forever!
With this step, Meta relies heavily on generative AI. The company’s engineers and researchers have already achieved impressive results in several research areas, including natural language processing (NLP) and computer vision-based navigation systems.
Meta’s commitment to pushing the boundaries of traditional technology is inspiring. With their newfound focus on generative AI funding, they could be at the forefront of significant breakthroughs in AR/VR technology and other exciting areas. We can’t wait to see what they come up with next!
H/T: Axios
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