Apple Stock Prices Jumps 8% As CEO Tim Cook Unveils Metaverse Plans

Top 3 Metaverse Altcoin For June 2022: ILV, REALM, and GAIA
  • With ARKit-based apps, the Metaverse might easily be accessed by end-users.
  • Microsoft and Meta are both forging ahead to develop in the Metaverse.

As a result of Apple CEO, Tim Cook’s comments on Metaverse possibilities during the company’s Q1 2022 earnings call, Apple’s stock price increased in after-hours trading.

Cook said:

“we see a lot of potential in this space and are investing accordingly.”

Metaverse is a virtual world developed in parts by users that allow online socializing, gaming, and real-time concerts. Virtual reality (VR) and augmented reality (AR) are the best ways to enjoy it, even though they can be accessed through a browser. Regular trading hours saw APPL fall 3% to $159.22, while after-hours trading has increased 8% to $167.23. The Metaverse was only one of several topics brought up during the conference call.

ARKit Powered Apps

Insiders claim that on the January 27 call with investors, Cook made the point that Apple (APPL) already had 14,000 ARKit-powered apps in its App Store. With ARKit-based apps, the Metaverse might be more easily accessed by end-users.

So far, Apple has focused on employing AR technology to immerse people in the Metaverse, while Meta has opted to utilize the Oculus Rift headset. As of January 14, Bloomberg speculated on a possible delay in launching an Apple headset due to hardware and software difficulties.

However, despite Cook’s acceptance of the Metaverse, it is thought that the headgear currently under development is centered on video games, communication, and content consumption. Microsoft and Meta are both forging ahead with public ambitions to develop in the Metaverse, while the world’s most prominent firm by market size is lagging.

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