Apple stock jumps as Tim Cook reveals company is investing in Metaverse space

Apple's stock price increased after-hours trading, CEO Cook said during the company's Q1 2022 earnings call that he sees considerable potential in the Metaverse space.

Apple stock jumps as Tim Cook reveals company is investing in Metaverse space

Time Cook is an investor who calls that Metaverse applications have a lot of potential and that his company is investing in AR developments on its devices. 

When asked on Jan 27 during the call about Apple's opportunities within the Metaverse. Cook declared that "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.”

The Metaverse is an interoperable virtual universe created in part by users, offering socialization, gaming, and even live concerts. Although it can be accessed with a browser, the experience is better with virtual reality (VR) or augmented reality(AR) 

APPL had decreased about 3% to $159.22 during regular trading hours. but has increased up to 8% to $159.22 during regular trading hours, but has since jumped up 8% to $167.23 in after-hours trading. The Metaverse was just one of the topics discussed on the call. 

Cook pointed out on Jan 27, that Apple (APPL) already has a bevy of 14,000 apps on its App store that have been designed using AR developer platform ARKIT. Apps designed using ARKIT could help users gain access to the Metaverse. 

Meta has leaned toward using the Oculus headset to immerse users into the Metaverse, Apple is placing its bets so far on AR technology. An Apple headset was scheduled for release in 2022, According to a Bloomberg report on Jan 14, it may be delayed due to hardware and software challenges. 

Despite Cook's embrace of the Metaverse. development is believed to be targeted in gaming. communication, and content consumption, So far, the largest company in the world by market cap is lagging behind other tech leaders like Meta and Facebook. both of which are moving forward with public plans to develop in the Metaverse. 

Recently Microsoft bought Activision Blizzard worth $69B to expand Metaverse gaming. 

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