Why Meta and Snap are spending billions on AR glasses

CNBC October 24, 2024
Julia Boorstin, Andrew Evers

After a decade of development and billions of dollars, Meta CEO Mark Zuckerberg in September pulled back the curtain on one of the company’s most ambitious projects: an augmented reality prototype called Orion. A week earlier, Snap CEO Evan Spiegel took the stage at its annual Snap Partner Summit to introduce its AR capable, 5th-generation Spectacles. Both companies see massive potential for the technology, with a grand vision for AR glasses to usurp smartphones as the next generation of computing.

“This is a major leap forward for technology,” Chris Cox, Meta’s chief product officer, told CNBC’s Julia Boorstin in an exclusive interview. “It’s a big step forward for our sort of goal to help define the next generation of...

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