Apple Investors Upbeat On Cook’s Comment On Investing In The Metaverse, Shares Rise

Apple Investors Upbeat On Cook’s Comment On Investing In The Metaverse, Shares Rise
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The indications of Apple Inc. getting more interested in the Metaverse went as a positive message to investors – pushing up the stocks of the company.

The iPhone maker sees significant possibilities in the Metaverse space, Tim Cook, the CEO of the iPhone maker said during the company’s first-quarter earnings call.

During the investor call, Cook was asked about the possibilities for Apple in the Metaverse to which the CEO replied: “We see a lot of potential in this space and are investing accordingly.”

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“We’re always exploring new and emerging technologies and I’ve spoken at length about how it’s very interesting to us right now.”

The Metaverse is a user-created interoperable virtual universe that includes socialization, games, and even live performances. Although it may be accessed through a browser, virtual reality (VR) or augmented reality (AR) provides a better experience.

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The stocks of Apple had fallen roughly 3% to $159.22 during regular trading hours but later rose 8% to $167.23 in after-hours trading.

Metaverse was one of the topics that were discussed in the conference call.

Apple already has a plethora of about 14,000 apps on its App Store that have been designed using the AR developer platform ARKit, according to Appleinsider. Apps built with ARKit may be able to assist users in gaining access to the Metaverse.

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Unlike Meta, which has leaned toward using the Oculus Rift to immerse people in the Metaverse, Apple is betting big on augmented reality. Apple had planned to introduce a headset in 2022, but Bloomberg reported on Jan. 14 that it could be postponed due to hardware and software issues.

Despite Cook’s acceptance of the Metaverse, the headset in development is thought to be primarily geared for gaming, communication, and content consumption. So far, the world’s most valuable corporation has lagged behind other major giants like Meta and Microsoft, both of which have made public aspirations to develop in the Metaverse.

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According to reports, Apple will play a significant part in the virtual reality future or “metaverse”. Cook revealed on the earnings call that the company has already committed to augmented reality. Apple sees “a lot of potentials” in the field and is “spending accordingly,” according to Cook.

People will utilize virtual reality headgear to accomplish jobs, attend events, and socialize in the future, according to the concept of the metaverse. Meta, originally known as Facebook, was one of the first to attempt such a reality.

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It’s not a surprise that Cook mentioned augmented reality apps. Since the inclusion of LiDAR to the iPad Pro and iPhone 12 Pro, Apple has been pushing towards mainstream AR experiences.

Apple is said to be developing a virtual reality headset that might be released in 2022. Although some speculations claim that the phrase “metaverse” is “off-limits” at Apple, such a headset would allow individuals to engage with it.

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