AR Headsets, MacBooks and iOS: How Has Wall Street Reacted to Apple’s WWDC 2023?
Key takeaways
- Apple unveiled its new AR headset, the Vision Pro, to much furore this week
- The stock broke an intraday trading record but finished Monday down 0.8%
- There was no mention of artificial intelligence at the conference in a notable departure from other Big Tech peers
Apple hosted its annual Worldwide Developers Conference this week, unveiling a new kind of technology it hopes will be its next big venture: the AR headset, or as Apple calls it — Spacial Computing. Wall Street investors responded well to a new innovation from the Big Tech titan known for disrupting, with Apple stock breaking an intraday record. Let’s get into the details.
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What has Apple announced at WWDC?
While Apple unveiled its usual new features, including iOS 17, a new MacBook Air and high-tech upgrades for its products, the biggest reveal by far was the introduction of its new AR headset.
The Apple Vision Pro, labeled as a ‘new era for computing’ on its highlights page from the event, is a new augmented reality device that will let users interact with Apple’s new spatial operating system and consume digital content through the headset.
The Vision Pro will retail for $3,499, above the anticipated $3,000 price tag, and won’t be available until 2024. It’s a giant leap into the metaverse for the company, which has pioneered before with the iPhone, and welcomes a lot of possibilities for AI integration so we can all be like Iron Man in his suit (though, notably, ‘AI’ was one word that was missing from Apple’s big conference).
What was the market reaction?
On Monday, Apple stock beat an intraday trading all-time high by hitting $184.95, beating the previous $182.94 record by some margin. However, it actually finished the day down 0.8% as investors questioned the new VR headset’s price tag and timeline.
Like its peers in the tech market, Apple stock has performed well in 2023. The share price is up 43.5% in the time period, whereas the S&P 500 is only at 12%. In a vote of confidence from institutional investors, wealth manager Wedbush has upgraded its price target on the stock from $205 to $220.
The bottom line
Apple is known for making great products everyone wants to have. The AR headset could be the next best thing — but it’s clear the company wants to diverge from the likes of Google, Microsoft and Meta to focus on this relatively untapped market. If Apple can conquer the metaverse first, the possibilities are endless — and the stock has even more potential.
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