Meta is cutting approximately 8,000 jobs, about 10% of its workforce, and canceling plans for 6,000 new hires. This move is part of a strategic shift towards artificial intelligence, with around 7,000 employees being reassigned to AI-focused roles. CEO Mark Zuckerberg emphasized the importance of this pivot, as Meta plans to invest between $115 billion and $135 billion in AI infrastructure this year. The layoffs, effective May 20, 2026, follow previous cuts in 2022 and 2023, where over 11,000 positions were eliminated. This strategic redirection away from the metaverse, which previously spurred a speculative boom in metaverse-themed cryptocurrencies, could impact market sentiment. Analysts suggest potential short-term selling pressure on metaverse-related digital assets, while AI-focused blockchain projects may attract increased interest.