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Tim Cook Says AR Is Next Big Thing for Apple, AAPL Stock Slightly Tanks

On September 14, Apple Inc (NASDAQ: AAPL) released a line of new products including the iPhone 13 series, Apple Watch Series 7, as well as a new iPad and iPad Mini. However, there is still one more thing pending. In particular, Apple has not revealed its augmented reality (AR) product, which will be Apple’s “next big thing”.

Apple: Road to AR

Augmented reality is a cutting-edge technology that allows superimposing digital content over a real-world environment. In other words, it is an enhanced version of the real physical world that is achieved through the use of digital visual elements, sound, or other sensory stimuli delivered via technology.

Previously, Apple CEO Tim Cook mentioned that he is a proponent of AR, saying that he is “AR fan No. 1”.

He said:

“I think AR is one of these much less intensive technologies that we’ll look back on one day and go, how do we live our lives without it?”

Commenting on the possible AR uses, Cook said the technology would be especially useful in spheres like education, collaboration and furniture shopping.

There have been numerous rumors about Apple working on an AR product. In particular, the company is allegedly developing the Apple Glasses – augmented reality glasses that overlay graphics in the real world around you. Apple itself did never confirm this information. But it does not mean the tech giant is not working on it. Especially considering that its major competitors have already come out with something similar.

For example, Facebook Inc (NASDAQ: FB) has introduced its newest range of smart glasses known as Ray-Ban stories that permit users to perform multiple functions at once. Further, Microsoft Corporation (NASDAQ: MSFT) has also been developing a high-end headset called Hololens.

Previously, Apple introduced some AR features in its products, including lidar sensors. It also built tools called ARKit and RealityKit for app developers to make their own iPhone AR apps without doing hard physics like triangulating the location of the user or detecting hands and faces. Experts believe that AR is the next big thing the company might reveal.

Apple (AAPL) Stock’s Performance

Apple’s event helped upturn the loss in AAPL shares. After the release of new products, Apple stock rose. However, yesterday, it closed at $148.79, or 0.16% down, and lost another 0.13% after hours. Its market cap is $2.46 trillion. Year-to-date, Apple stock is 12.13% up.

According to Wall Street analysts, Apple stock is a strong buy. The average price target for AAPL shares is $168.29 with a high forecast of $185.00 and a low forecast of $140.00.

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Tim Cook Says AR Is Next Big Thing for Apple, AAPL Stock Slightly Tanks