Meta’s Zuckerberg plans deep cuts for metaverse efforts

Apple has appointed Meta's Newstead as its new general counsel, a move that comes amid significant executive changes within the company. This transition reflects Apple's ongoing efforts to strengthen its leadership team in response to evolving market dynamics.

The latest Market Talks provide insights into the performance of major tech companies, including Snowflake, Salesforce, Meta, and C3.ai, highlighting their recent earnings and market reactions. Salesforce reported a strong Q3 2026 performance, exceeding forecasts, while Snowflake faced challenges with its revenue outlook, leading to a decline in share price despite some positive earnings reports.

Meta is reportedly planning to reduce its metaverse spending by up to 30% as CEO Mark Zuckerberg shifts the company's focus towards artificial intelligence initiatives. This decision reflects a significant strategic pivot in response to evolving market conditions and internal assessments of project viability.

US stocks experienced small gains on Thursday, buoyed by stronger-than-expected jobs data, which did not alter expectations for a Federal Reserve rate cut next week. Meta's stock surged due to budget cuts, reflecting a positive response from investors.

US equity futures are maintaining gains as discussions arise regarding Treasury Secretary Scott Bessent potentially leading the National Economic Council alongside his current role, contingent on President Trump's expected nomination of Kevin Hassett as the next Federal Reserve chair. This development comes amid ongoing labor market data analysis.

Lawmakers, including Senator Elizabeth Warren, are pressing major companies like Nvidia, Apple, and Meta regarding potential donations made to Donald Trump's ballroom events, questioning whether these contributions were made in exchange for favorable treatment from the former administration.

Meta has recruited a senior designer from Apple, Dye, to enhance its efforts in developing artificial intelligence-powered glasses, a move that aligns with Mark Zuckerberg's vision of wearable technology replacing smartphones. This strategic hire underscores Meta's commitment to advancing its AI capabilities in the competitive tech landscape.

A leaked memo has revealed a significant change in Meta's work policy, reflecting the company's response to the evolving work environment post-Covid. The memo highlights the challenges faced by U.S. workers during the pandemic, where unemployment surged to 13% before gradually decreasing as businesses adapted to remote work solutions.