Meta's Reality Labs division reported a $4.03 billion operating loss in Q1 with $402 million in sales, continuing a total loss exceeding $80 billion since 2020. The company is shifting focus from metaverse projects to artificial intelligence, leading to layoffs including about 1,000 Reality Labs employees and plans to cut 10% of its workforce overall. Meta aims to compete with AI leaders like OpenAI and Google while scaling back VR efforts after the success of AI-powered smart glasses. This strategic pivot reflects Meta's response to the booming AI market and challenges in its virtual reality ambitions.
Jim Cramer cautioned that the recent rally in Big Tech stocks like Alphabet, Microsoft, Meta, and Amazon might be more about investor optimism than real improvements in their business fundamentals. Despite positive news such as Warren Buffett's endor...
Meta Platforms faces a lawsuit from 26 employees alleging the company used AI tools and automated metrics to select workers for layoffs, disproportionately affecting those on medical, parental, or family leave. The lawsuit claims Meta's AI-driven per...
TappAlpha introduced the TappAlpha Cboe Magnificent 10 Growth & Daily Income ETF (TMGN), which offers exposure to the Cboe Magnificent 10 Index featuring leading tech companies like Nvidia, Microsoft, and Apple. This ETF applies TappAlpha's options-b...
A group of current and former Meta employees filed a lawsuit claiming the company used artificial intelligence in its recent layoffs in a discriminatory way. The lawsuit alleges Meta's AI systems ignored approved absences like medical or family leave...
Meta faces a lawsuit from 26 employees accusing the company of using AI tools that unfairly targeted workers with disabilities and those on medical leave during recent layoffs. The suit claims Meta's AI system, including an internal bot and activity ...
