Meta, the company that changed its brand identity five years ago to focus on AI technology, has acquired Moltbook, a social network for “AI agents” which is designed to aggregate all social media users into one. The purchase is significant as it represents a speculative bet on a novel technology with no demonstrated utility for humans. The company's decision to buy MoltBook is seen as a sign of overconfidence in the AI race, which is often described as a bubble by some as indicative of the irrational exuberance that has led to history's dumbest market meltdowns. The acquisition follows Meta's $2 billion acquisition of Manus, an AI developer, and $14.3 billion to acquire data-focused startup Scale AI last year.