Spare a thought, if you can, for Snap.
Earlier this month, the company generated plenty of headlines when it unveiled the latest version of Snapchat Spectacles, its AI-powered augmented reality glasses. In addition to the predictable buzz from gadget enthusiasts, it also pleased investors. The Spectacles, coupled with a revamped Snapchat app, buoyed the stock by 10%.
Enter Mark Zuckerberg and his conspicuously fresh new outfit.
During this week's Connect event, Zuckerberg showcased Meta’s own glasses, dubbed Orion. They’re just a prototype for now, being circulated internally for R&D purposes, but give a clear look at what the company’s next big punt is likely to be.
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Zuckerberg’s vision is not just to outshine Snapchat, but Apple too. In an interview with YouTuber Cleo Abram, he described AI-powered glasses as "the next major platform after phones".
Zuckerberg has publicly lamented Apple’s dominance in the mobile market, claiming its control has stifled innovation from developers, including his own company. Meta’s efforts into the phone market were too little, too late, a mistake Zuckerberg doesn’t intend to repeat.