Second one.
There's a bunch of fucking "humor" I'm sure Lana thought was cleverly self aware or something that just constantly referenced the absurdity of this movie's existence in the first quarter, such as Neo existing in the Matrix now as a video game designer that released a trilogy of best selling games that are straight up the first three movies. Evil Warner Bros. wants money and is forcing him to make a 4th. It's IRONIC because in reality it's Ms. MA'AM that wanted to make the movie! Get it???
The Merovingian makes a return that is 110% lame, just making some half-assed "hello fellow children" bitching about Mark Zuckerberg and Facebook.
The ending makes no sense, considering it suggests Neo and Mrs. Neo are going to make the Matrix a better, happier, rainbow filled place, despite the fact that we know that doesn't work and humans will reject it. If they are only being sarcastic, then it ignores the primary cause for this movie's plot: the opt-out version of the Matrix resulted in a power scarcity for the machines, and the subsequent middle finger to the truce. I guess there's the difference that Neo and Trinity are both alive, but damn I guess I just don't care when you consider how little they explore the ramifications of that beyond RAINBOWS.
I'm just slightly drunk right now, so hopefully that makes sense.