I don't know that this has a ton to do with AI. Meta has had "fuck around" money for a very long time, the kind of money that let Zuckerberg hire a ton of people to make the Metaverse. And it let a lot of engineers work on things they were passionate about but that don't directly drive profits.

As Meta's stock price falls that fuck around money falls away and people's jobs are suddenly a lot more focused on making the company cash. Of course that's going to make people miserable.

It's a story, but I don't really agree with this explanation. Fucking around burning money on VR didn't help morale in the other 90% of the company. And in general employees (all with RSUs) were happy about the stock price appreciation that came from a renewed fiscal discipline post 2022 or so.