Tech

Meta in Big Tech Club but Overwhelmed by ‘Tech Giant’ Apple, says Nick Clegg


Meta, Facebook’s parent company, may be in the Big Tech club but it finds itself dwarfed by the “Tech giant” – and its nemesis – Apple, an executive leading, Nick Clegg, said Wednesday.

“There’s Big Tech and There’s Big Tech,” Clegg told an audience in Brussels, where meta flirting with policymakers with its latest virtual reality (virtual reality) Gear.

“I mean Apple is now eight times the size of Meta” in terms of stock market capitalization, he said.

“I mean, there’s just very, very, very, very big” in big technology field and Apple right, Clegg added.

The comparison highlights Meta’s market slide over the past 16 months — and contradicts Apple, which has damaged Meta’s data collection strategy.

Apple last year introduced a data privacy option on its hugely popular iPhones to prevent Meta and other online data collection tools from obtaining user tracking information they previously relied on to ad targeting.

That contributed to the halving of Meta’s Q3 profit this year.

Corporate America’s costly focus on inverseA virtual world where the user appears as an interactive digital avatar, also plays a role.

Meta – rebranded to reflect its focus – has spent a staggering $100 billion (about Rs 8.2 lakh) so far building that technology, which is forecast to be adopted widely used for many years to come.

Meta last month announced that it was cutting 11,000 employees – 13% of its workforce – in a general tech austerity that has also resulted in job cuts. Twitter, Amazonand Hewlett-Packard (HP).

Challenge from China

Meta’s stock market capitalization has dropped from an all-time high of $1.07 trillion (approximately Rs 880,000) in August 2021 to just over $300 billion (approximately Rs 25 lakh) now – down 72%.

Apple during the same period has remained steady above $2 trillion (roughly Rs 165 trillion) since the end of 2020 and is now at around $2.3 trillion (around Rs 190 trillion).

Meta has long complained that Apple is building a “walled garden”, with users locked into their devices, operating systems, and app stores, to the detriment of Meta and others. other online play.

Both Meta and Apple, as well as other major Tech companies, have repeatedly come under regulatory scrutiny in the European Union and the United States as trade strategies counter antitrust concerns. data rights and privacy.

But Clegg said China is increasingly challenging US dominance in the online world.

“The tech giants of the US and China are really looming over the landscape right now,” he said.

“And by the way, don’t underestimate how heavily the Chinese tech giants are investing in the metaverse,” he added, pointing out the Pico VR headset marketed by ByteDanceChinese famous social app owner TikTok.

Meta’s own investment in VR and Augmented Reality — collectively known as XR, or augmented reality — demonstrates Meta’s belief that “the biggest bet is the furthest bet… and they are also the furthest bets… where the technology is the most expensive,” Clegg said.

Investor criticism of that focus, and a ‘pessimistic narrative’ about Meta’s focus on it, have “deeply underestimated the very, very strong health of the business,” he said. basis” of the company.


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