Rather, Meta's core social media ad business has recovered nicely from the 2022 slump, helped along by smarter artificial intelligence algorithms. Speaking of AI, Meta's open-source Llama large language models (LLMs) have also made headlines this year.

Meta's new Orion glasses may still be a prototype that costs thousands of dollars to produce, but when you put them on they feel like the future. Driving the news: These are glasses, not goggles, that can display information and even videos overlaid on top of the real world — like Apple's Vision Pro in many ways,