Apple (NASDAQ:AAPL) stock is on the move Friday as the company starts talking about its plans for the metaverse.
Just in case you don’t know, the metaverse is an idea for a virtual space that people can interact with. Think of it as a virtual world where people can collect for various reasons. It’s been a big push among tech companies recently and Apple doesn’t want to be left behind.
Let’s take a look at the recent metaverse news from Apple below!
- Apple hasn’t gone into great detail about its plans for the metaverse.
- However, it is developing technology for the space.
- The company is reportedly developing augmented reality (AR) headset that could be used alongside the metaverse.
- Those are rumored to come out this year or next with future plans for AR glasses.
- In addition to that, there are already more than 14,000 AR apps in Apple’s App Store.
- That number is expecting to grow as interest in the metaverse rises.
- That opens the way for Apple to generate funds off of purchases and subscriptions in the App Store.
- The company was also asked about its metaverse plans by an investor during its recent earnings call.
- CEO Tim Cook fielded that question and said “We see a lot of potential in this space and are investing accordingly.”
- So while Apple hasn’t specifically revealed any metaverse plans, you can be sure the company is preparing for it.
AAPL stock is up 4.8% as of Friday morning.
There’s more stock market news for traders to dive into below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.