Meta Platforms' stock fell more than 8% to $611 after its last earnings report disappointed investors, and has continued to tumble, recently falling below $575. The company’s increased capital expenditure guidance was the main culprit for that initial drop. Although Meta grew revenue by 33% year over year, it did not make any substantial artificial intelligence product announcements. Meta recently laid off 10% of its employees and reallocated 10% of its remaining workforce to AI-related positions. In an internal meeting, Chief Technology Officer Andrew Bosworth said employee morale is “maybe not the worst it’s ever been in 20 years here, but it’s probably up there.” In a staff memo, Bosworth called Meta’s explanation of its AI restructuring to employees "atrocious." Additionally, top AI executive Emily Dalton Smith, who was assigned to lead improvements in internal AI usage, is leaving after only about two months in that role, following a 10-year overall stint.