What the Hell Happened to "the Metaverse?"

Answers inside. [Logo]( Weekly Market Update Today is July 28, 2023 Dear Reader, Hello again and Happy Friday! Question: What the heck happened to the Metaverse? You know - the “next internet.” that virtual word that humans were about to migrate into to work… chat… shop… play…? Bill Spencer Editor-In-Chief True Market Insiders Not long ago, the metaverse was such a hot topic that 18 months ago, one of the most successful companies of all time – Facebook – changed its name to: Meta Platforms (META). The company is still mega-successful. Its stock is up +269% since last November 3rd. But as an idea and as a destination for humanity… What the heck happened to the Metaverse? Whither the triumphalism that dominated the financial media a year ago? Well, one likely reason rooster-crowing about the Metaverse has grown muted has to do with this dismal statistic. Pundits aplenty are ready to dance on Metaverse’s grave: And others still hold out hope that the once-dominant innovation stands on the cusp of a resurrection. And frankly? Some never bought into the idea to begin with. I think hype around the Metaverse is taking a bit of a rest partly due to the sheer technical challenges it presents. Permit me a digression and a detour: Matthew Ball’s The Metaverse takes readers through a survey of most technical and social hurdles that will need to be cleared before anything like a full Metaverse is to emerge. Spoiler alert: He’s hopeful.     The book is chocked full of technical insights into the nuts and bolts of the “next internet.” (The chapters around the transformation of payments systems are especially interesting.) I recommend the book to any investor who still wants to dive deeply into this topic. Ok… In the immediate-term, the best answer to the question “What happened to the Metaverse” is: A.I. happened to the Metaverse. Which explains both the Meta-hype fade and the eye-popping gains in META the stock. Here’s a novel graph from our friends over at the excellent Chartr. “Although Meta has suddenly added AI as a focus, the company is taking a slightly different tack to other tech giants, announcing that it would give away the code for its latest AI model, LLaMA 2, for free.” “While leading competitors like Microsoft and Google have moved quickly to integrate AI into their premium products, they have also warned of the dangers of failing to regulate the software. When playing catch up, Meta’s open book approach might just pay off.” We say it all the time at True Market Insiders – because it’s true. We’re all over the A.I. story. And we’ll remain all over it until price action in A.I. stocks tells us it’s time to bail.     Stay cool, stay safe, and I’ll see you next Friday. 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