Meta Platforms (META) made waves in the tech world on Wednesday with the unveiling of its latest innovations at the Connect conference. The company, which has seen its stock rally 149% this year, showcased new smart glasses, a virtual-reality headset, and generative AI tools.
One of the standout announcements was the unveiling of Meta’s new smart glasses, which come with a built-in AI assistant. These glasses, an updated version of the Ray-Ban smart glasses, will be available for purchase on October 17 for $299. This addition to Meta’s product lineup shows the company’s commitment to capitalizing on the smart glasses opportunity.
Meta also introduced the Quest 3 virtual-reality headset, set to hit the shelves on October 10. The company hopes that this latest iteration will further enhance the virtual-reality experience and attract consumers looking for immersive content.
During his presentation, Meta CEO Mark Zuckerberg showcased lifelike avatars, giving a sneak peek into the company’s vision for a metaverse future. This metaverse, a virtual shared space, has been a hot topic in the tech industry, and Meta is positioning itself as a leader in this emerging space.
These innovations come as Meta aims to regain its competitive edge after overcoming the impact of Apple’s privacy change, which had originally hampered its ad targeting capabilities. Despite headwinds such as growing competition, a consumer spending slowdown, and privacy regulation, Meta has reported strong Q2 earnings, boasting revenue of $32 billion, beating expectations.
Meta’s Reality Labs division, which focuses on the metaverse, virtual reality, and smart glasses opportunity, has great potential for future growth. Additionally, the company’s generative AI tools and chatbots aim to increase user engagement, although their profitability is yet to be seen.
Investors will be closely watching Meta’s stock, as it is part of the IBD Leaderboard portfolio and the flagship IBD 50 list of leading growth stocks. With its strong performance and innovative product lineup, Meta is well-positioned to continue its success in the rapidly evolving tech landscape.
