According to Business Insider , recent comments from Mark Zuckerberg and Meta's leadership suggest that the company is focusing on AI (artificial intelligence) and no longer prioritizing the metaverse. Meta CTO Andrew Bosworth said the company is spending most of its time focusing on AI. Facebook's parent company plans to launch an AI ad-generating tool later this year.
However, on April 26, Mark Zuckerberg denied that he was "abandoning" the metaverse to focus on developing AI. He said that Meta has been developing both AI and the Metaverse for many years now and will continue to focus on both.
Mark Zuckerberg shared that there are two main technology waves driving Meta's roadmap - the AI wave for the present and the wave of building the metaverse for the future.
Despite mixed reactions, Meta CEO still doesn't give up on the virtual universe
Zuckerberg assured investors that the company is not giving up on the metaverse. Building the metaverse is a long-term project, but the fundamentals remain the same and the company will stick to that strategy. In addition, investing in AI is essential to developing the technology that will power the metaverse.
In its Q1 2023 earnings report, the tech giant said Reality Labs' operating loss will increase year-over-year in 2023, and it plans to spend $30 billion to $33 billion this year to invest in generative AI initiatives and focus on building AI tools that support ads, Feed and Reels.
Meta, the company's virtual reality division, reported an operating loss of $4 billion in the first quarter of 2023. That's slightly lower than the $4.3 billion loss Meta reported in the previous quarter.
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