Meta Platforms Inc FB has reportedly broken up a team of more than 300 employees designated for the development of an operating system that could power the company's VR/AR devices.
What Happened: According to a report from The Information citing three people with knowledge of the situation, Meta put together a team to work on a new OS under the code name "XROS."
The team was tasked with developing an OS to support the company's virtual reality products, which will eventually enable access to the metaverse.
Why It Matters: Near the end of 2021, Meta halted the project and continued to offer its devices with an open-source version of Alphabet Inc's GOOG GOOGL Android system.
The company has now reportedly dispersed the OS development team, suggesting Meta may have given up on developing its own OS for its VR/AR products altogether. The Meta team may also be making the changes in order to cut costs, which many fear could hold the company back as it shifts its focus to the metaverse.
What's Next: Meta held a virtual event Wednesday outlining some of the progress the company has made in its metaverse development.
During the metaverse demonstration, Meta CEO Mark Zuckerberg showed how one can transform a space and create an immersive experience on the company's development-stage platform rather quickly.
Meta highlighted the many challenges the company faces in the development process, but showed how it's using artificial intelligence to accelerate development.
"Our AI labs are already making advancements in research and development as part of a long-term effort to enable the next era of computing," Meta said.
Some of the advancements include BuilderBot, a tool fueling creativity in the metaverse, a universal speech translator, AI for chatting and virtual assistants and learning initiatives to make coursework on machine learning topics available for all.
Related Link: Read How Facebook's Metaverse Ambitions Are Shaping Up In Mark Zuckerberg's Words
"We’re at the beginning of this journey," Meta said. "Today’s advances provide a snapshot of what’s possible through the power of AI and open science."
FB Price Action: Meta has traded as low as $190.22 and as high as $384.33 over a 52-week period.
The stock was up 0.79% at $209.25 Friday afternoon.
Photo: courtesy of Meta.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
