Apple Expected to Launch VR Headset at WWDC, Stock Up 1% Premarket

Investing

Published: June 5, 2023 7:50 am

Last Updated: June 5, 2023 10:30 am

The world’s largest company by market cap, Apple, is expected to unveil a $3,000 virtual reality (VR) headset at its 2023 Apple Worldwide Developers Conference (WWDC) on June 5, marking its first major product release in nearly a decade. Shares of Apple are up 1% in the market pre-open on Monday.

Apple to Launch VR Headset

After almost 10 years, Apple is set to launch its first major new product on Monday, June 5, at the company’s annual developer conference, the WSJ revealed on Monday. The report says the tech giant will unveil a new headset that will allow Apple users to enter the immersive world of virtual reality. Apple’s shares climbed 1% in premarket trading.

The new product took seven years to build, with its launch delayed several times. The WSJ reported that it is expected to cost $3,000, which is significantly higher than VR headsets sold by other tech giants. For instance, Meta’s Quest Pro is priced at $1,000.

One of the product’s numerous capabilities with the company’s proprietary apps, such as the videotelephony feature FaceTime. However, considering that the headset will be revealed at Apple’s WWDC, it is clear that the tech company is aware that third-party developers will eventually find novel use cases for the device.

Besides the new VR headset, Apple is also expected to introduce new software for its iPhones and other electronic devices at WWDC, which will begin streaming at 1 pm EDT and run through June 9.

Mixed Feelings About Apple’s Potential to Reignite Interest in VR

Apple’s foray into VR comes at a critical time, given the recent slowdown in the market. Many investors and VR enthusiasts welcomed the move, believing that the world’s biggest company’s foray could reawaken interest in the space.

On the other hand, some market watchers remain skeptical about Apple’s potential impact, despite the company’s unprecedented track record. This is primarily due to fundamental accessibility issues relating to VR and augmented reality (AR) technologies, with huge numbers of users who find devices nausea-inducing or simply because they don’t like wearing something on their faces.

This article originally appeared on The Tokenist

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