For tech investors hoping Meta Platforms finds religion on cost cuts as they relate to heavy spending on virtual reality, now is not the time to bet on it. Right now, that means more than $10 billion a year in losses from Reality Labs, but a top Meta VR executive told CNBC this week that the spending will continue. Investors want to see Big Tech rein in spending in what's been a tough stock market and a slowing economy. "But the investments we are making in the core business, and the future business, are the right ones," he said. He stressed that the spending level is a direct byproduct of the level of change the company is chasing.

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