Meta Shares Rise Ahead of Market Open Following Launch of Augmented Reality Glasses

September 26, 2024 08:25 AM PDT | By Team Kalkine Media

Meta Shares Rise Ahead of Market Open Following Launch of Augmented Reality Glasses — Image source: shutterstock

Highlights

Meta Platforms Inc. is set to launch new augmented reality glasses, Orion, at its annual developer conference.
The Orion glasses will project digital images, games, and communications into the real world, enhancing user interaction with augmented content.
Meta continues to expand its AI capabilities, introducing new features that allow interactions with the AI assistant using celebrity voices, alongside updates to its AI models.

Company Overview

Meta Platforms Inc. (NASDAQ:META) is poised for a positive opening in New York trading following significant announcements made by CEO Mark Zuckerberg at the company’s annual developer conference. Central to these announcements is the introduction of Orion, the new augmented reality (AR) glasses designed to seamlessly integrate digital elements into the physical world. These glasses will enable users to experience digital images, games, and communications projected directly into their environment.

In addition to the AR glasses, Meta unveiled updates to its AI offerings, highlighting a new feature that allows users to engage with the AI assistant using the voices of well-known celebrities such as Judi Dench and John Cena. This innovative approach enhances user interaction and personalization within the Meta ecosystem.

The launch of the Orion glasses is part of a larger strategy by Meta to invest heavily in artificial intelligence and metaverse technologies. The company is preparing for the release of its Quest 3S headset in October, which further demonstrates its commitment to expanding its portfolio in immersive technology. Alongside these initiatives, Meta has introduced new versions of its Llama 3 AI models, capable of processing both images and text, indicating a robust enhancement in their AI capabilities.

While the Orion glasses are not expected to reach consumers until 2027, Meta's previous success with Ray-Ban smart glasses, which incorporated AI features, suggests strong market potential. The company's financial commitment to these technologies is significant, with plans to allocate up to $40 billion towards AI, AR, and metaverse advancements in 2024.

Ahead of the market opening, Meta’s stock saw an increase of 1.7%, bringing its price to $577.80. This uptick would add approximately $25 billion to the company's market valuation, reflecting investor confidence in its strategic direction and innovation.

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