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A new video by Inspired by Iceland pushes back against experiencing life through the “metaverse,” as described by Mark Zuckerberg during Facebook’s rebranding to Meta on Thursday, Oct. 28, 2021.
Michael Nagle | Bloomberg | Getty Images

Online dating apps, a crypto exchange and a professional wrestling brand are among the many companies that tried to weave their disparate and seemingly unrelated businesses into the metaverse discussion this quarter.

The concept was on the top of analysts’ minds after Facebook changed its corporate name to Meta last month in preparation for “an embodied internet where you’re in the experience, not just looking at it,” as defined by Chief Executive Officer Mark Zuckerberg.

Zuckerberg is betting the metaverse, a computer-generated world, is where people will work, play and socialize using the company’s virtual reality headsets.

But executives around the world have lots of differing opinions on what the metaverse is and when we can expect it. Some view the metaverse as something that already exists, such as worlds created by Roblox. Others see it as a vague futuristic concept.

When questioned on their plans for the metaverse after earnings this week, the executive’s answers were everything. And nothing. Most didn’t shy away from brainstorming forward-thinking business opportunities that could boost stock values. It’s unclear whether or not they’ll actually materialize — or if the ideas even make sense.

“All I can do is kind of sit back and watch it in amazement,” Neal Stephenson, who popularized the term in his 1992 book “Snow Crash,” told CNBC in a recent interview.

Here’s what we “learned.”

It’s the human co-experience

Roblox CEO David Baszucki: “It’s been called the metaverse today. We’ve called it human co-experience,” Baszucki defines the metaverse as a place where technology combines high-fidelity communication with a new way to tell stories, borrowing from mobile gaming and the entertainment industry.

“This new category of the metaverse or co-experience is predicated on eight fundamentals,” said Baszucki: identity, social, immersive, low friction, variety, anywhere, economy, and civility.

It’s already here

Warner Music Group CEO Stephen Cooper: “I think within these large scale metaverses, Fortnite, Roblox and others, that we will begin to see an opportunity where providing content and distribution converges. And when you begin to look at the global reach, the number of people that spend meaningful amounts of time in these new worlds, I think it provides a universe of opportunity for Warner.”

It’s not here yet

Vonage Holdings (cloud communications) CEO Rory Read: “I think it’s the next 5, 7, 10 years.”

It’s too late to get in

Bilibili (Chinese video-sharing site) CEO Rui Chen: “Metaverse is a concept, it’s not a product. And before this concept emerges, actually many of the elements associated with metaverse already existed. Whether it’s virtual reality, a tight social community or a system social system or a self-reinforcing ecosystem, it’s already existed, and there are a lot of companies already developing product on those concepts, for example, Facebook and Tencent, and actually, Bilibili is one of them.

So that’s why I think, that if someone hears the concept of metaverse and decided to get into this business probably would be a little bit too late. That is because those elements such as social system, self-reinforcing ecosystem, all of which cannot be done in a couple of months or even in years.”

It’s vague

Tencent President Chi Ping Lau: “On metaverse, I think this is actually sort of a very exciting, but a little bit vague concept.”

Dolby Laboratories CEO Kevin Yeaman: “I think the metaverse, I guess, can take many forms, but ultimately it is an audiovisual experience.”

Whatever it is, NetEase will be a ‘fast runner’

Chinese game maker NetEase Head of Investor Relations Margaret Shi: “The metaverse is indeed the new buzzword everywhere today. But then, on the other hand, I think nobody has actually had firsthand experience in what it is. But at NetEase, we are technologically ready. We know how to accumulate the relevant know-how, the relevant skillsets when that day comes. So, I think when that day eventually comes, we’d probably be one of the fastest runners in the metaverse space.”

It has something to do with crypto

Coinbase co-founder and CEO Brian Armstrong: “I think with the tens of millions of Americans out there that are now using this asset class for all kinds of things, not just financial services and unique payments and things like that, but also art and new forms of governance and identity and the Metaverse. And it’s just so exciting that the millions of young people, the talented young people all over the U.S. are coming into this field.”

It’s the digitized Game of Life

Chris Cocks, CEO of Hasbro‘s Wizards of the Coast: “The first step to be participating in the metaverse, you have to have digital games. I think the metaverse is shorthand for, hey, entertainment is digitizing and entertainment is the Game of Life.”

It’s…something where Bumble will be

Bumble (dating company) president Tariq M. Shaukat: “On the metaverse piece, we’re really taking a Web3 lens on this in particular, meaning we are… I’m sure somebody will build a more virtual experience and we will happily engage and be there when they do that with avatars, etc. But what we really think is really interesting in the near term is the application of blockchain and crypto in general to the experience that our communities have. Fundamentally, we are not just an ecosystem, but we are a community of people. That is true on Bumble and Badoo, but it is particularly true as we think about the kind of reimagine Bumble BFF.”

“And the opportunities to really engage our members and really think of them as members who are participants in this community is really, we think, really just super exciting. And so we’re continuing to experiment. We’ve got a couple of tests that we’re very excited about that we will be rolling out in the upcoming months around this, but we think that’s the first toehold. This is something that is going to evolve. We want to make sure we’re setting the technical and engineering foundation for whatever emerges in the metaverse and in the Web3 world.”

It will have news and sports

Ryan Steelberg, Veritone (AI software) co-founder: “Just one simple example is, imagine now just one of our big media partners like ESPN or CBS News, having all of their content, in effect, ready for seamless integration with the metaverse, right, where that content being on offline throughout a more traditional means of distribution like OTT or linear television.”

It will run on Qualcomm chips

Qualcomm CEO Cristiano Amon: “If you were going to spend time in the metaverse, Snapdragon is going to be your ticket to the metaverse.” (Facebook’s Oculus headsets currently run on Qualcomm chips.)

It’s going to be a lot bigger than Facebook (Meta)

Veritone CEO Chad Steelberg: “I think the metaverse, by definition, is a lot bigger than the new Meta company aka Facebook. By definition, it’s a multiverse, that’s going to be moving content and information both into the digital realm, and then, obviously, the digital realm interfacing back with us in our physical selves.”

Unity senior vice president Marc Whitten: “Whatever the word metaverse means, it’s going to be built by millions of content creators, and we’re on a mission to give them the easy-to-use and high-performance tools that will bring their visions to life.”

Roblox Chief Product Officer Manuel Bronstein: “At Roblox, we want to connect more than 1 billion people in the metaverse.”

It will have ads

Roblox Chief Business Officer Craig Donato: “We expect ad agencies to have the capability to build metaverse experiences.”

Disney will have one

Disney CEO Bob Chapek: “Suffice it to say our efforts to date are merely a prologue to a time when we’ll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse.”

It will involve people playing the piano

Match Group (dating companies) CEO Sharmistha Dubey:There is, for instance, a piano bar where people’s digital selves are gathering around, but they’re actually playing their pianos at home and jamming with others. You can overhear a conversation, join conversations, you can tap into the digital avatars to see more of their profiles, and you have basically a richer set of signals to help connect with someone. It is metaverse experiences coming to life in a way that is transformative to how people meet and get to know each other on a dating or social discovery platform and is much more akin to how people interact in the real world.”

It will be primarily made by artists

Unity CEO John Riccitiello, on Unity’s play for the metaverse through its acquisition of Weta Digital: “That’s going to really help us extract and help build the metaverse around the notion the world’s a better place with more creators in it. And now the many millions of creators in the world that think of themselves as artists, they’re welcomed on our platform and we got something that’s going to delight them. So, this really puts under our platform something that is, at least from an artist perspective, truly magic and they’re the largest tappable audience we have in our universe.”

It’s robust

Question from Laura Martin, analyst, Needham: “Okay, great. And then my other one is you guys have mentioned NFTs a couple times. So is that – could you size that for us and sort of more generally how do you feel about this, the role, the metaverse and going into the digital online world, and can you sort of think that NFTs are going to be – is meta going to be actually a bigger deal, like leaving to live, you guys really work in the live world, physical world, but how do you feel about the metaverse? And within that context, how big do you think NFTs could be as a part of the new metaverse?”

World Wrestling Entertainment Chief Revenue Officer Nick Khan: “We think it’s robust now. We think it’s going to continue to evolve and become perhaps even more robust, and we think it’s here to stay.”

Martin: “Okay. Thanks.”

WATCH: Metaverse similar to rise of internet, Matthew Ball says

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Inside a Utah desert facility preparing humans for life on Mars

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Inside a Utah desert facility preparing humans for life on Mars

Hidden among the majestic canyons of the Utah desert, about 7 miles from the nearest town, is a small research facility meant to prepare humans for life on Mars.

The Mars Society, a nonprofit organization that runs the Mars Desert Research Station, or MDRS, invited CNBC to shadow one of its analog crews on a recent mission.

MDRS is the best analog astronaut environment,” said Urban Koi, who served as health and safety officer for Crew 315. “The terrain is extremely similar to the Mars terrain and the protocols, research, science and engineering that occurs here is very similar to what we would do if we were to travel to Mars.”

SpaceX CEO and Mars advocate Elon Musk has said his company can get humans to Mars as early as 2029.

The 5-person Crew 315 spent two weeks living at the research station following the same procedures that they would on Mars.

David Laude, who served as the crew’s commander, described a typical day.

“So we all gather around by 7 a.m. around a common table in the upper deck and we have breakfast,” he said. “Around 8:00 we have our first meeting of the day where we plan out the day. And then in the morning, we usually have an EVA of two or three people and usually another one in the afternoon.”

An EVA refers to extravehicular activity. In NASA speak, EVAs refer to spacewalks, when astronauts leave the pressurized space station and must wear spacesuits to survive in space.

“I think the most challenging thing about these analog missions is just getting into a rhythm. … Although here the risk is lower, on Mars performing those daily tasks are what keeps us alive,” said Michael Andrews, the engineer for Crew 315.

Watch the video to find out more.

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Apple scores big victory with ‘F1,’ but AI is still a major problem in Cupertino

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Apple scores big victory with 'F1,' but AI is still a major problem in Cupertino

Formula One F1 – United States Grand Prix – Circuit of the Americas, Austin, Texas, U.S. – October 23, 2022 Tim Cook waves the chequered flag to the race winner Red Bull’s Max Verstappen 

Mike Segar | Reuters

Apple had two major launches last month. They couldn’t have been more different.

First, Apple revealed some of the artificial intelligence advancements it had been working on in the past year when it released developer versions of its operating systems to muted applause at its annual developer’s conference, WWDC. Then, at the end of the month, Apple hit the red carpet as its first true blockbuster movie, “F1,” debuted to over $155 million — and glowing reviews — in its first weekend.

While “F1” was a victory lap for Apple, highlighting the strength of its long-term outlook, the growth of its services business and its ability to tap into culture, Wall Street’s reaction to the company’s AI announcements at WWDC suggest there’s some trouble underneath the hood.

“F1” showed Apple at its best — in particular, its ability to invest in new, long-term projects. When Apple TV+ launched in 2019, it had only a handful of original shows and one movie, a film festival darling called “Hala” that didn’t even share its box office revenue.

Despite Apple TV+ being written off as a costly side-project, Apple stuck with its plan over the years, expanding its staff and operation in Culver City, California. That allowed the company to build up Hollywood connections, especially for TV shows, and build an entertainment track record. Now, an Apple Original can lead the box office on a summer weekend, the prime season for blockbuster films.

The success of “F1” also highlights Apple’s significant marketing machine and ability to get big-name talent to appear with its leadership. Apple pulled out all the stops to market the movie, including using its Wallet app to send a push notification with a discount for tickets to the film. To promote “F1,” Cook appeared with movie star Brad Pitt at an Apple store in New York and posted a video with actual F1 racer Lewis Hamilton, who was one of the film’s producers.

(L-R) Brad Pitt, Lewis Hamilton, Tim Cook, and Damson Idris attend the World Premiere of “F1: The Movie” in Times Square on June 16, 2025 in New York City.

Jamie Mccarthy | Getty Images Entertainment | Getty Images

Although Apple services chief Eddy Cue said in a recent interview that Apple needs the its film business to be profitable to “continue to do great things,” “F1” isn’t just about the bottom line for the company.

Apple’s Hollywood productions are perhaps the most prominent face of the company’s services business, a profit engine that has been an investor favorite since the iPhone maker started highlighting the division in 2016.

Films will only ever be a small fraction of the services unit, which also includes payments, iCloud subscriptions, magazine bundles, Apple Music, game bundles, warranties, fees related to digital payments and ad sales. Plus, even the biggest box office smashes would be small on Apple’s scale — the company does over $1 billion in sales on average every day.

But movies are the only services component that can get celebrities like Pitt or George Clooney to appear next to an Apple logo — and the success of “F1” means that Apple could do more big popcorn films in the future.

“Nothing breeds success or inspires future investment like a current success,” said Comscore senior media analyst Paul Dergarabedian.

But if “F1” is a sign that Apple’s services business is in full throttle, the company’s AI struggles are a “check engine” light that won’t turn off.

Replacing Siri’s engine

At WWDC last month, Wall Street was eager to hear about the company’s plans for Apple Intelligence, its suite of AI features that it first revealed in 2024. Apple Intelligence, which is a key tenet of the company’s hardware products, had a rollout marred by delays and underwhelming features.

Apple spent most of WWDC going over smaller machine learning features, but did not reveal what investors and consumers increasingly want: A sophisticated Siri that can converse fluidly and get stuff done, like making a restaurant reservation. In the age of OpenAI’s ChatGPT, Anthropic’s Claude and Google’s Gemini, the expectation of AI assistants among consumers is growing beyond “Siri, how’s the weather?”

The company had previewed a significantly improved Siri in the summer of 2024, but earlier this year, those features were delayed to sometime in 2026. At WWDC, Apple didn’t offer any updates about the improved Siri beyond that the company was “continuing its work to deliver” the features in the “coming year.” Some observers reduced their expectations for Apple’s AI after the conference.

“Current expectations for Apple Intelligence to kickstart a super upgrade cycle are too high, in our view,” wrote Jefferies analysts this week.

Siri should be an example of how Apple’s ability to improve products and projects over the long-term makes it tough to compete with.

It beat nearly every other voice assistant to market when it first debuted on iPhones in 2011. Fourteen years later, Siri remains essentially the same one-off, rigid, question-and-answer system that struggles with open-ended questions and dates, even after the invention in recent years of sophisticated voice bots based on generative AI technology that can hold a conversation.

Apple’s strongest rivals, including Android parent Google, have done way more to integrate sophisticated AI assistants into their devices than Apple has. And Google doesn’t have the same reflex against collecting data and cloud processing as privacy-obsessed Apple.

Some analysts have said they believe Apple has a few years before the company’s lack of competitive AI features will start to show up in device sales, given the company’s large installed base and high customer loyalty. But Apple can’t get lapped before it re-enters the race, and its former design guru Jony Ive is now working on new hardware with OpenAI, ramping up the pressure in Cupertino.

“The three-year problem, which is within an investment time frame, is that Android is racing ahead,” Needham senior internet analyst Laura Martin said on CNBC this week.

Apple’s services success with projects like “F1” is an example of what the company can do when it sets clear goals in public and then executes them over extended time-frames.

Its AI strategy could use a similar long-term plan, as customers and investors wonder when Apple will fully embrace the technology that has captivated Silicon Valley.

Wall Street’s anxiety over Apple’s AI struggles was evident this week after Bloomberg reported that Apple was considering replacing Siri’s engine with Anthropic or OpenAI’s technology, as opposed to its own foundation models.

The move, if it were to happen, would contradict one of Apple’s most important strategies in the Cook era: Apple wants to own its core technologies, like the touchscreen, processor, modem and maps software, not buy them from suppliers.

Using external technology would be an admission that Apple Foundation Models aren’t good enough yet for what the company wants to do with Siri.

“They’ve fallen farther and farther behind, and they need to supercharge their generative AI efforts” Martin said. “They can’t do that internally.”

Apple might even pay billions for the use of Anthropic’s AI software, according to the Bloomberg report. If Apple were to pay for AI, it would be a reversal from current services deals, like the search deal with Alphabet where the Cupertino company gets paid $20 billion per year to push iPhone traffic to Google Search.

The company didn’t confirm the report and declined comment, but Wall Street welcomed the report and Apple shares rose.

In the world of AI in Silicon Valley, signing bonuses for the kinds of engineers that can develop new models can range up to $100 million, according to OpenAI CEO Sam Altman.

“I can’t see Apple doing that,” Martin said.

Earlier this week, Meta CEO Mark Zuckerberg sent a memo bragging about hiring 11 AI experts from companies such as OpenAI, Anthropic, and Google’s DeepMind. That came after Zuckerberg hired Scale AI CEO Alexandr Wang to lead a new AI division as part of a $14.3 billion deal.

Meta’s not the only company to spend hundreds of millions on AI celebrities to get them in the building. Google spent big to hire away the founders of Character.AI, Microsoft got its AI leader by striking a deal with Inflection and Amazon hired the executive team of Adept to bulk up its AI roster.

Apple, on the other hand, hasn’t announced any big AI hires in recent years. While Cook rubs shoulders with Pitt, the actual race may be passing Apple by.

WATCH: Jefferies upgrades Apple to ‘Hold’

Jefferies upgrades Apple to 'Hold'

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Musk backs Sen. Paul’s criticism of Trump’s megabill in first comment since it passed

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Musk backs Sen. Paul's criticism of Trump's megabill in first comment since it passed

Tesla CEO Elon Musk speaks alongside U.S. President Donald Trump to reporters in the Oval Office of the White House on May 30, 2025 in Washington, DC.

Kevin Dietsch | Getty Images

Tesla CEO Elon Musk, who bombarded President Donald Trump‘s signature spending bill for weeks, on Friday made his first comments since the legislation passed.

Musk backed a post on X by Sen. Rand Paul, R-Ky., who said the bill’s budget “explodes the deficit” and continues a pattern of “short-term politicking over long-term sustainability.”

The House of Representatives narrowly passed the One Big Beautiful Bill Act on Thursday, sending it to Trump to sign into law.

Paul and Musk have been vocal opponents of Trump’s tax and spending bill, and repeatedly called out the potential for the spending package to increase the national debt.

On Monday, Musk called it the “DEBT SLAVERY bill.”

The independent Congressional Budget Office has said the bill could add $3.4 trillion to the $36.2 trillion of U.S. debt over the next decade. The White House has labeled the agency as “partisan” and continuously refuted the CBO’s estimates.

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The bill includes trillions of dollars in tax cuts, increased spending for immigration enforcement and large cuts to funding for Medicaid and other programs.

It also cuts tax credits and support for solar and wind energy and electric vehicles, a particularly sore spot for Musk, who has several companies that benefit from the programs.

“I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!” Trump wrote in a social media post in early June as the pair traded insults and threats.

Shares of Tesla plummeted as the feud intensified, with the company losing $152 billion in market cap on June 5 and putting the company below $1 trillion in value. The stock has largely rebounded since, but is still below where it was trading before the ruckus with Trump.

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Tesla one-month stock chart.

— CNBC’s Kevin Breuninger and Erin Doherty contributed to this article.

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