Ed Ludlow

This is Bloomberg Tech.

Coming up, Bloomberg reports Meta's considering budget cuts of 30% for its Metaverse group next year.

The very group Mark Zuckerberg once framed as the future of the company.

Shares jump.

And we break down the latest tech earnings results from Snowflake and Salesforce.

And we'll be joined by the UiPath CEO, too.

Yeah, one single name where the stock does have the direction.

It's our top story.

Meta shares off their session high, but up 4%.

Bloomberg reporting that executives are considering cutting up to 30% of the budget for its Metaverse initiative, along with wider cuts.

Let's talk more about what Meta's plans mean for the company with Bloomberg's Kurt Wagner, who broke the story and joins us with the reporting.

Sounds like in the last few weeks, last month, Zuckerberg assembled leadership.

They looked at the budget for next year, and Metaverse is where they want to focus their cuts.

Bring us your reporting.

So actually, it signals a commitment to AI hardware distinct from metaverse hardware.

I thought it was really interesting that shares of SLO Luxottica, who they partner with to make the Ray-Ban metas, kind of rose a little bit after the story.

And all of the analysts notes, and there are many actually reacting to our reporting, say this is probably bullish for AI spending.

At the same time, Bloomberg reporting that Apple's most senior design executive going to meta.

Right.

Nancy, I want to go to something you just said.