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Australia's Regulatory Action: Meta has begun deactivating accounts of Australian users under 16 on Instagram, Facebook, and Threads, marking a significant step in regulating Big Tech, as noted by eSafety Commissioner Julie Inman Grant.

Global Implications: Inman Grant described Australia's actions as "the first domino" in a worldwide effort to impose stricter regulations on social media platforms, with other countries like Malaysia also planning to raise the minimum age for social media accounts.

Account Lockouts and Exemptions: Starting December 10, 2023, platforms like YouTube will automatically log out users under 16, while certain platforms such as Discord and Roblox are exempt from the age restrictions.

Industry Pushback: Inman Grant highlighted the aggressive lobbying by social media companies against the ban, including appeals to the U.S. government, while noting the irony of external influence on free speech discussions.

Snap Inc. Stock Overview: Snap Inc. (NYSE: SNAP) has a consensus Hold rating from analysts, with a 12-month price target of $9.50, indicating a potential upside from its current price of $7.59.

Strategic Partnership with Perplexity: The company has partnered with Perplexity to integrate an AI-powered answer engine into Snapchat, which will enhance user engagement and is expected to generate $400 million for Snap over one year.

Recent Financial Performance: In the third quarter, Snap reported a 10% year-over-year revenue increase to $1.51 billion, an 8% rise in daily active users to 477 million, and a reduced net loss of $104 million.

Focus on Augmented Reality: Snap is dedicated to augmented reality consumer applications, boasting a large creative community and significant user engagement through its AR features, while not producing enterprise AR hardware.

Budget Cuts for Metaverse Initiative: Meta is expected to implement budget cuts of up to 30% for its metaverse initiative, which may include layoffs as early as January, as part of its annual budget planning for 2026.

Investor Reaction: The announcement of budget cuts led to a 4% rise in Meta's shares, alleviating some investor concerns over the significant financial losses the company has faced in its metaverse investments since 2020.

Challenges in the Metaverse Market: Meta has struggled to sell its vision of an immersive metaverse and expand its market for devices, although it has found some success with smart glasses compared to competitors like Google and Apple.

Focus on AI Development: Amidst challenges, Meta is intensifying its efforts in artificial intelligence, reorganizing its AI initiatives under Superintelligence Labs and committing up to $72 billion in capital spending this year to stay competitive in the tech landscape.