Why Meta Platforms Stock Crushed the Market Today

WIRED reported Meta embedded unreleased “NameTag” facial recognition code in the Meta AI app used with its smart glasses. One day later, Meta removed most NameTag traces from the latest update but did not explain why or whether it will return, according to WIRED and Meta VP Andy Stone. Meta also faces a class action alleging Meta Pixel unlawfully collects sensitive healthcare data.

Britain’s banks reported a 19% rise in authorised push payment (APP) fraud losses to £576.4 million last year, according to UK Finance. The increase follows October 2024 rules requiring reimbursement of APP fraud victims up to £85,000; banks returned £354.3 million. UK Finance said investment scams hit £221.5 million. An independent review is due in early July.

Gaon Cable, a unit of LS Cable & System, says its U.S. subsidiary LSCUS has won multiple AI data center power infrastructure contracts, including bus duct supply deals tied to projects by Google, Meta and Amazon. LSCUS secured about 4 trillion won ($2.9 billion) in new projects, expanding in North America. The article cites rising demand as AI data centers require higher power density.

Meta removed a facial recognition feature (“NameTag”) from the Ray-Ban smart glasses app in June 2026, according to the article. The feature in Meta AI could identify people and pull their Instagram/Facebook profiles without consent or notification. The change followed pressure from 70+ civil rights and privacy groups, which cited risks of street-level identification and surveillance. Meta made no public announcement.

On Friday, 12 June 2026, users worldwide reported a disruption to Meta’s Facebook, Instagram and Messenger, starting around 16:00. According to Downdetector.co.za, complaints spiked, though the site also showed errors. Meta later acknowledged high disruptions in ad delivery and said engineering teams were working to restore Ads Manager ad creation, editing and reporting.

Anthropic said the U.S. Commerce Department ordered it to suspend foreign access to its Fable 5 and Mythos 5 AI models “whether inside or outside the United States,” citing national security concerns. Anthropic disabled access to both models for all customers to comply, after the government found potential “jailbreak” vulnerabilities. The move could affect frontier AI export controls and investor sentiment.