Meta CEO Mark Zuckerberg on Wednesday is set to update investors on his plan to build the immersive metaverse that he has pitched as the future of computing at the company’s first in-person conference since the start of the pandemic.

Announcements at Meta Connect, Meta’s biggest event of the year, will indicate how Zuckerberg plans to navigate the shift this year of investor fervor to artificial intelligence from augmented and virtual reality technologies, Reuters reported from San Francisco.

Stakes for the event are high as investors last year slammed the parent company of Facebook and Instagram for spending extensively on the metaverse, prompting Zuckerberg to lay off tens of thousands of staff to continue funding his vision.

Developers will be watching to assess what apps they might create for Meta’s latest hardware devices, such as a new Quest virtual reality headset due out this fall. Investors, meanwhile, will be scouting for signs of whether a gamble that has lost the company more than $40 billion since 2021 may pay off.