META more than other big tech companies has been scaling back significantly this year and were one of the first to do so.

They're also buying back a ton of stock and with operating margins in excess of 80% it's almost insane how conservative they've been with spending money over the years. This is hardly a "growth at all costs" company. This is one of the most profitable companies ever.

META also isn't going "all in" on the Metaverse. They're investing a portion of their cashflows on AR/VR technology. The media is so focused on the headset that I think people are missing the fact that in a lot of ways META is inventing the wheel that will support the AR/VR products of the future. Even if they don't make a success of their Metaverse, their technology will still have real value to the ever increasing number of companies operating in this space.

TL;DR: META is trading as a value stock, they are cutting back, they are returning a ton of profits to shareholders, and they're not going all in on growth or the Metaverse.