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Apple Stock Records 10% Rise – Is Metaverse the Next Big Shot for Tim Cook?

The hotly traded Apple stock (Nasdaq, AAPL) went up in double digits earlier yesterday, appreciating more than 10%.

The main driving force behind this considerable price jump was that the CEO of the corporation Tim Cook revealed that the company was investing in the Metaverse front. Many tech companies have already began the push for getting a share of the anticipated metaverse market but Apple was slow in its response.

Apple – Slow to Reach to Market Forces?

Apple has been a tech powerhouse for the last 20 years or so after it revolutionized portable smart devices including the iPhones, iPads, Macbooks and previously, iPods. However, the company has taken a considerable share of criticism in recent years because many critics believe that the company isn’t innovating enough. Especially, the company’s preference of Augmented Reality (AR) over Virtual Reality (VR) also highlighted the fact that its management views things differently for the future and believes VR in the crude sense may not be the future of tech.

 

This is perhaps one of the reasons why many tech commentators believed that the company wouldn’t have the kind of metaverse push as other companies like Meta (previously Facebook) because of its preference of AR over VR. For context, VR is a tech that involves a headset and total immersive experience while the AR approach uses an enhanced version of real life using screens like a mobile phone or even something as rudimentary as a car’s windscreen.

Apple Stock Rallies After Cook Admits Metaverse Push

But, Cook, it appears is finally bowing down to pressure from its executives regarding a push into the metaverse and recently revealed that the company was pursuing the sector as well, resulting in a sizeable jump in the Apple stock price.

 

Cook said in a recent investors’ call:

 

“we see a lot of potential in this space and are investing accordingly…., We’re always exploring new and emerging technologies and I’ve spoken at length about how it’s very interesting to us right now.”

 

An Apple headset that uses AR is also heavily in the works right now and the company may make a push for it later this year. Apple’s foray into what is widely believed as the metaverse may not be as swift because the company is seeing things from a different angle. The AR vision of the company has been in place for around 7 years and it won’t easily derail that for momentary gains with the metaverse mania. But, the company is likely to pursue any direct opportunities that come along.

 

The Apple stock itself rose around 10% yesterday to as high as $170 at press time. But, the rise is not supported by an actual product or research by the company so it may be short-lived eventually.

 

Image Source: pixabay.com

Talha Dar

Talha Dar

Cryptocurrency and blockchain enthusiast. Working on free economy and borderless solution side of things. Live and breathe crypto!

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