The stock price of Apple increased by leaps and bounds after-hours trading after Tim Cook announced that he saw potential in the Metaverse space. When the CEO was asked on the 27th of January during the call about the opportunities placed within the company and the Metaverse, Tim Cook responded that they were looking at a lot of potential in the space, and investing accordingly.
He further mentioned that the company was always looking towards exploring new and emerging technologies, and he had announced at length how interesting this venture could be for the company as a whole.
Apple Stock Climbs Significantly After Meta Announcement
For the uninitiated, the Metaverse is an interoperable virtual universe that is created partly by the users. The Metaverse offers one the chance of gaming, socialization, and even live concerts. Although it is usually accessed through a browser, the experience gets even more life-like when connected through Virtual Reality or Augmented Reality.
Now, in connection with this, Apple did manage to jump up by 8% to $167.23 in after-hours trading, after it had dropped by 3% to $159.22 during trading at regular hours.
A source close to the knowledge reported that in the call that took place on the 27th of January, Cook went on to point out that Apple already had quite a bevy of 14,000 apps on its App Store that had been designed using the AR platform called ARKit.
Apps designed through this would definitely help most users gain access to the metaverse.
Now, while Meta has been leaning forever towards the utilization of the Oculus headset which would allow people to immerse themselves into the metaverse, Apple has been placing its bets on the development of AR Technology.
An Apple headset was scheduled for launch in 2022, but Bloomberg recently reported on the 14th of January that it could be delayed due to challenges to both its hardware and software.