In 2021, Mark Zuckerberg recast Facebook as Meta and declared the metaverse — a digital realm where people would work, socialize, and spend much of their lives — the company’s next great frontier. He framed it as the “successor to the mobile internet” and said Meta would be “metaverse-first.”

The US stock market traded in a stable yet optimistic range today, with major indices supported by improving risk sentiment and ongoing expectations that the Federal Reserve could move toward rate cut...

The proposed changes are part of Meta’s annual budget planning for 2026, and the company plans to shift spending from the metaverse to artificial-intelligence wearables, according to a person familiar with the matter. Several tech companies including Apple are working on wearable devices they believe might become the next major computing platform.

Meta plans to cut its budget by up to 30% in its Reality Labs metaverse division.