Comment by oytis
20 hours ago
Not going to argue about what will or will not happen (predictions are hard, especially about the future), but you absolutely don't need AI to explain layoffs at Meta. On one hand they have a failed investment in Metaverse and an underwhelming attempt to participate in AI race. On the other hand they have a stable advertising business that doesn't need much innovation, but can always benefit from some cost cutting
I think this is broadly correct too.
They obviously biffed it by hiring for a bad moonshot when the pandemic money printers were turned on, and now they have plenty of belt tightening to do.