Meta’s virtual decade

Hi everyone, it’s Aisha in San Francisco. Ten years in, Meta is still trying to convince us that virtual reality is the future. But first... [View in browser]( [Bloomberg]( Hi everyone, it’s Aisha in San Francisco. Ten years in, Meta is still trying to convince us that virtual reality is the future. But first... Three things you need to know today: • OpenAI’s Sam Altman pitched the White House on an unprecedented build out [of data centers]( • Meta and French startup Mistral won’t voluntarily comply in advance with the EU’s [AI safety rules]( • Roku remains “very committed” to its set-top boxes even as smart TVs [crowd out the devices]( Still wondering why A decade ago, the social networking company then known as Facebook [bought Oculus]( a startup that made virtual reality headsets. At the time, Chief Executive Officer [Mark Zuckerberg](bbg://people/profile/15103277) was just beginning to buy into the idea that people would live, work and play in a virtual world called the metaverse. By 2021, he had named his company after the idea. Since acquiring Oculus in 2014, Meta Platforms Inc. has poured billions of dollars into making virtual reality headsets that are designed to transport people into the metaverse. Zuckerberg has spent that time trying to convince investors, everyday people and even his own employees that Meta’s Quest virtual reality headsets are the future. But all these years later, VR still doesn’t feel mainstream. Ahead of the company’s annual developer conference this week, I set out on a quest (pun intended) to find out whether people were actually using Meta’s virtual reality headsets, and whether it’s worth buying one. I contacted organizations that have partnered with Meta or made splashy announcements about using the headsets. The consulting firm Accenture Plc, for example, started using the Quest for [training]( employees several years ago. But it doesn’t sound like employees use VR regularly in their day jobs and it’s not clear whether Accenture actually paid for the headsets or were gifted them by Meta. Stanford University couldn’t give me any examples of how professors or students were using the Quest in classrooms. And Walmart Inc. didn’t respond when I asked how employees were working with the headsets. I previously reported that Meta’s [own employees]( weren’t regularly using VR. A real estate company and a VR company that work with Meta also didn’t have much to share. The real estate company said a small number of luxury realtors use VR, but it wasn’t common, and the average agent definitely isn’t using the technology. The other Meta partner said it couldn’t find a compelling reason for the average person to use virtual reality. Basically, I had a hard time finding people who pop on the Quest headsets consistently. Sure, some people use them for exercise (I had some friends box with it, but I declined to participate because of the [sweat]( a few may put it on for work (some Bloomberg colleagues [gave up]( and there are people who use them for gaming. But that’s still a small number overall. Meta’s balance sheet seems to back that up. The company has already [lost $50 billion]( on its VR headsets and expects to keep spending more than its making on the product. Even Apple Inc.’s entrance early this year into the field, with its mixed reality Vision Pro headset, [hasn’t created an obvious market](. I’ll be at Meta’s annual developer conference where Zuckerberg is expected to roll out yet another version of his VR headsets. Maybe this time there will be a new app or feature that makes me want to buy one, or at least more examples of people using the Quest in real life. Though the futuristic gadget has some cool features, there’s nothing compelling enough for me to spend $500 or wear a bulky headset over my face when I already have a phone and laptop that can do plenty. It’s been 10 years, but Zuckerberg still has some convincing to do.—[Aisha Counts](mailto:acounts3@bloomberg.net) The big story Canva, a startup know for its easy-to-use design tools, is expanding its use of artificial intelligence as it [competes with Adobe]( for business and professional clients. The Australia-based company, valued at $26 billion, is planning a much-anticipated initial public offering. One to watch [Phil Drury, head of technology and communications investment banking at Citigroup, speaks on Bloomberg Technology about chipmaker Intel’s future.]( Get fully charged OpenAI introduced new voice assistants for its [paid ChatGPT users](. Blackstone and Vista reached a deal to buy Smartsheet for $8.4 billion and take the [software maker privat](. US law enforcement agencies searched the Washington-area offices of Carahsoft Technology, a software vendor [to government agencies](. An Israeli regulator cleared an AI startup to launch a [stock-picking chatbot](. Cybersecurity startup Wiz is in talks to sell shares at a valuation of [as high as $20 billion](. More from Bloomberg Bloomberg Tech: Humanity has always relied on technology to drive growth. With the emergence of artificial intelligence, tech companies will affect the economy, media and health like never before. Join executives, investors and business leaders in London on Oct. 22 to discuss the risks and rewards of this new age. [Buy tickets today](. Get Bloomberg Tech weeklies in your inbox: - [Cyber Bulletin]( for coverage of the shadow world of hackers and cyber-espionage - [Game On]( for reporting on the video game business - [Power On]( for Apple scoops, consumer tech news and more - [Screentime]( for a front-row seat to the collision of Hollywood and Silicon Valley - [Soundbite]( for reporting on podcasting, the music industry and audio trends - [Q&AI]( for answers to all your questions about AI Follow Us Stay updated by saving our new email address Our email address is changing, which means you’ll be receiving this newsletter from noreply@news.bloomberg.com. Here’s how to update your contacts to ensure you continue receiving it: - Gmail: Open an email from Bloomberg, click the three dots in the top right corner, select “Mark as important.” - Outlook: Right-click on Bloomberg’s email address and select “Add to Outlook Contacts.” - Apple Mail: Open the email, click on Bloomberg’s email address, and select “Add to Contacts” or “Add to VIPs.” - Yahoo Mail: Open an email from Bloomberg, hover over the email address, click “Add to Contacts.” Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Tech Daily newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](