During an investors call, the CEO of Apple revealed that the company is investing in AR developments for its devices, seeing a lot of potential in Metaverse apps.
Apple CEO Tim Cook's statements on the possibilities of the Metaverse during the company's Q1 2022 earnings call led to Apple stocks rising mere hours later.
During the call held on January 27, Cook was asked about the opportunities of the Metaverse and what role Apple could play in the market. According to Cook, this space opens up many opportunities for the company.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Balancer in Crypto? Beginner Friendly BAL Explainer
<...> we're a company in the businesses innovation so we're always exploring new and emerging technologies and I've spoken at length about how it's very interesting to us right now. <...> So we see a lot of potential in this space and are investing accordingly.
The Metaverse is the concept of a virtual experience where the players can socialize, play games, and engage in a range of experiences in a unique way, like live concerts and movie premieres. The optimal metaverse experience usually requires AR (augmented reality) or VR (virtual reality) technologies.
Discussing the technical capabilities, Cook pointed out that the Apple Store already offers over 14,000 AR Kit apps "which provide incredible AR experiences for millions of people today." This range of apps could open more doors to the metaverse worlds.
During regular trading hours, the AAPL price had fallen 3%, down to $159.22. However, after the earnings call had concluded, the price went up 8% to $167.23 in the after-hours trading.
Apple's involvement in metaverses mirrors a recent trend among some of the biggest tech companies in the world. In October 2021, Facebook's parent company Meta announced its rebranding along with its plans to develop the Metaverse. Earlier this week, BitDegree reported that Meta is developing an AI supercomputer.
While Meta is focusing on VR technology and using Oculus headsets to enter the Metaverse, Apple seems to be opting for the AR path. A VR/AR headset developed by Apple is rumored to be released sometime in 2023.
It is speculated that the headset will be utilized beyond the Metaverse, with customers able to use it for gaming, socializing, and watching content. There have not been as many updates regarding the Metaverse from Apple's side, compared to its direct competitors in the field, Microsoft and Meta.
