TL; DR Breakdown
- Apple stock surges after CEO’s Metaverse announcement
- The stock gained 8% after a 3% loss
- Apple wants to direct its attention to AR
It is now common knowledge that the crypto market is undergoing one of the most challenging periods ever in its history. This is characterized by the constant falls in the price of digital assets reaching two digits. With the majority of the participants believing in a turnaround in the coming days, the Apple stock is enjoying the time of its life in the financial market.
Apple stock gains 8% in the market
Going by a recent update, the Apple stock has skyrocketed in value following the latest comment about investments in the Metaverse by its CEO. Giving the details of the Q1 performance of the company, Tim Cook, the CEO, quickly chipped in a piece about the Metaverse. According to Cook, the sector of the crypto market provides potential, and Apple might be looking towards it. The Metaverse continues to catch the attention of the crypto population.
One of the most spectacular features of this sector is the diverse functions ranging from gaming to concerts etc. Although most users are still visiting various Metaverse devices, developers have made it accessible with virtual reality. During its usual trade period, Apple stock had seen a slight decline of about 3%, trading close to $160. However, the effect of the announcement has pushed it well on course to a profit of around 8%.
Apple is pushing towards AR
During the call, Cook also mentioned that ARKit, a famous developer of apps on its Apple Store, has a wide range of applications that can access the Metaverse. While the rebranded Facebook company Meta partners with Occulus to provide users with a VR experience, Apple has been mulling a move towards AR instead. Apple previously announced the launch of its headset, but from the looks of things, they are still some minor issues that need fixing.
Even though Cook has continued to talk about the Metaverse continuously, the headset is set to be a game-changer when it gets released. With the following list of activities to be carried out by the company, it is easy to predict that the Apple stock would only trade up in the coming months.