Tech and media companies delivered a steady stream of headlines this week, ranging from strategic retreats to massive acquisitions. Here's what happened while you were trying to finish your holiday shopping.

Meta Pumps the Brakes on the Metaverse

Remember when the metaverse was the future? Meta Platforms (META) apparently still does, but it's getting less enthusiastic about the price tag. Wall Street analysts have been reassessing the company after it signaled potential cuts of up to 30% from its 2026 metaverse budget. The axe is expected to fall primarily on the Quest virtual reality unit and Horizon Worlds, which together represent the bulk of Meta's metaverse spending. When your most expensive bet starts looking shaky, sometimes you hedge.

EU Takes Aim at Meta's WhatsApp AI

Meta can't catch a break in Europe. The EU is reportedly gearing up to launch a fresh antitrust investigation into the company, this time over its "Meta AI" assistant that's been integrated into WhatsApp. The European Commission, which serves as the bloc's chief antitrust watchdog, is expected to announce the probe shortly. Adding AI features to your messaging app apparently raises competitive concerns when you're already on regulators' radar.

Netflix Makes Its Biggest Move Yet

In what might be the headline of the week, streaming giant Netflix Inc. (NFLX) announced Friday that it's acquiring Warner Bros Discovery (WBD) in a deal worth roughly $82.7 billion. The cash and stock transaction values Warner Bros at $27.75 per share. This isn't just Netflix adding another show to its library—it's absorbing HBO and everything that comes with the Warner Bros empire. The streaming wars just consolidated in a big way.

Amazon's AI Talk Falls Flat With Investors

Amazon.com (AMZN) keeps talking up its artificial intelligence infrastructure, insisting that demand is "skyrocketing," but investors seem to be scrolling past the hype. Gene Munster, managing partner at Deepwater Asset Management, noted that the market is largely ignoring Amazon's increasingly bullish AI outlook. Sometimes enthusiasm needs to be backed up by numbers that move the needle, and apparently Amazon hasn't delivered that punch yet.

Anthropic Eyes a Massive IPO

Speaking of AI, Anthropic—which counts both Google (GOOGL) and Amazon among its backers—has reportedly started preparing for what could become one of the biggest tech IPOs in history. The company has brought on Silicon Valley law firm Wilson Sonsini to handle early IPO preparations. When a well-funded AI startup starts lawyering up for a public debut, people pay attention. The question isn't whether it'll be big, but just how big.