Meta Platforms (META) has announced plans to launch a new pair of smart glasses called “Hypernova” that will further expand its lineup of artificial intelligence (AI) devices.
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Meta, which continues to be known mostly for its social media platforms such as Facebook and Instagram, has been pushing into smart glasses through a partnership with Ray-Ban maker EssilorLuxottica (EL). Meta Platforms claims to have sold two million smart glasses to date.
Now, the company is developing the new Hypernova smart glasses that will reportedly have augmented-reality capabilities and holographic projection. Until now, Meta’s smart glasses have had limited capabilities and been mostly used for taking photos and video. The new smart glasses will be available in September of this year and sell for about $800 a pair in the U.S.
AI Capabilities
The Hypernova smart glasses come as technology giants such as Meta Platforms look for practical uses with AI and to justify their huge capital expenditures on the technology. Meta has announced plans to spend as much as $72 billion on AI projects and research this year.
If the new Hypernova smart glasses are a hit, they could provide a new revenue stream for Meta and help bolster the company’s reputation in the AI sector. Meta currently has a 73% share of the global smart glasses market, according to data from Counterpoint Research. META stock is up 31% this year.
Is META Stock a Buy?
The stock of Meta Platforms has a consensus Strong Buy rating among 47 Wall Street analysts. That rating is based on 42 Buy and five Hold recommendations issued in the past three months. The average META price target of $872.50 implies 13.89% upside from current levels.
