Ed Ludlow

That's all according to our sources.

The stock reacting positively to the report, up 4% at the moment, on track for its biggest jump since July.

Nothing's been decided yet.

There will be an element of layoffs.

according to our reporting, part of a broader look at the company and refocusing from metaverse to AI.

But really interesting move in the stock, Kara.

Mandeep, a part of why the stock is pushing higher, I guess, is just the commitment to AI, right?

The metaverse and meta's AI ambitions have overlap, but they are distinct in many ways.

My question is, is there a Bloomberg Intelligence House view on what the story is with meta, metaverse or AI or a hybrid of the both?

I'm smiling, Cara and Mandeep, because the stock being driven by Metaverse, you just said year of efficiency coming back in 2026.

It's happening all over again.

Mandeep Singh from Bloomberg Intelligence, thank you very much for the research.

Let's turn to Snowflake and look at shares of the company.

One of the big underperformers, big decliners, the company issued operating margin forecasts that fell short of analysts' estimates, raising concerns about the profitability of new AI-based tools.

Joining us now is Derek Wood, TD Cowen Managing Director, Senior Analyst covering the stock.

Bring us your call on the stock and how you've reacted to this earnings print.

I'm trying to understand how real the anxiety is.

It's a big move in the stock and Snowflake finding its bottom line in this AI world.

To your point, we're showing the year to date gain on the name, which is above 50 percent at this point.

And that is important context.