Former employees at AI giants are raising hundreds of millions of dollars from investors months on from launching.

Meta will cut 10% of its workforce, impacting about 8,000 employees, as it shifts resources to AI and reduces costs amid ongoing restructuring efforts.

Meta told employees it plans to lay off 10% of staff in May, citing efficiency and rising costs. Staff will get severance and extended benefits.

Meta's fourth-quarter revenue rose 24% year over year. Management's first-quarter guidance implies even faster growth. A reasonable five-year scenario could put the stock around $1,250. Meta's fourth-quarter revenues surged 24% year over year to $59.

Meta plans to lay off 10% of its workforce, about 8,000 employees, as the company continues to ramp up investments in artificial intelligence.

Meta plans to cut 10 percent of its work force, or roughly 8,000 employees, and close another 6,000 open roles, according to an internal memo on Thursday, as the company spends heavily on developing artificial intelligence.

Samsung used to be the first one to announce new form factors. Now it just copies what everyone else is doing. With no Apple smart glasses to clone yet, the company is turning its photocopier to Meta’s Ray-Ban AI glasses.

Meta Platforms, Inc. (NASDAQ:META) is among the 15 Best Big Name Stocks to Buy. On April 23, Guggenheim analyst Michael Morris maintained a Buy rating on the stock with a price target of $850. This was a reaffirmation of the firm’s previous update in late January,