Meta's Stock Rises Following News of Potential 30% Reduction in Metaverse Budget
Meta's Budget Cuts: Meta is considering reducing its metaverse spending by up to 30%, potentially leading to layoffs in its Reality Labs division, with plans to redirect funds towards virtual reality glasses and artificial intelligence development.
Market Reaction: Following the news of budget cuts, Meta's shares initially rose over 5% before settling at a 3.4% gain, indicating positive investor sentiment regarding the company's strategic shift.
Competition in the Metaverse: Interest in the metaverse has waned as major tech companies like Apple and Google have slowed their virtual reality efforts, prompting Meta to reassess its aggressive spending in this area.
Focus on AI Glasses: Despite scaling back on the metaverse, CEO Mark Zuckerberg announced the launch of a new creative studio within Reality Labs aimed at developing AI glasses and enhancing user interactions with technology.
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Technical Analysis for AI
Technical Sentiment Analysis for Sleepless AI (AI) As of , Sleepless AI (AI) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for AI stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, AI is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Sleepless AI (AI) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00938 | 0.0149 | 0.0201 | 0.0256 | 0.0308 | 0.0363 | 0.0415 |
| Fibonacci | 0.0149 | 0.019 | 0.0215 | 0.0256 | 0.0297 | 0.0322 | 0.0363 |
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