In 2021 alone, the company formerly known as Facebook, now called Meta, invested nearly $10 billion in its metaverse division. The company has also announced that it is expected to spend a lot more in the next several years in the process of crafting the metaverse.
Will they be able to do it now? How and when will they recover from what has been dubbed the worst stock market crash in history. Meta’s value plunged 26% yesterday and erased nearly $251.3 billion in market value. Zuckerberg lost around $24 billion in a day, making it one of the steepest wealth losses in history.
Just last week, Meta Inc. announced that they have designed the AI Research Supercluster (RSC) which, they said, they believe to be “among the fastest AI supercomputers running today and will be the fastest in the world once fully built out in mid-2022.” Essentially, the newer generation of advanced AI will need powerful computers that can process quintillions of operations per second. The RSC will help them build technologies for the metaverse where AI will be the order of the day.
So, what exactly is Meta’s endgame here? Let’s take a look.