Meta CEO Mark Zuckerberg delivered what analysts are calling one of the best tech keynotes in years at Meta Connect 2024, showcasing the company’s ambitious vision for AI-powered wearables and mixed reality devices. The presentation, which lasted less than an hour, featured a new lineup of Meta Quest headsets, impressive AI features for Meta’s smart glasses, and a first public glimpse of the highly anticipated Orion holographic glasses.
Wall Street responded positively to Zuckerberg’s presentation, with Meta’s stock jumping more than 2% during the event, though it later stabilized. Wedbush Securities analyst Dan Ives described the showing as a “massive flex” for Zuckerberg, highlighting the CEO’s growing confidence and maturity as a tech leader.
The star of the show was undoubtedly the Orion holographic glasses, which Stratechery founder Ben Thompson described as “spectacular.” These AI-powered glasses represent Meta’s vision for a future where smartphones may become less central to our digital lives, replaced by more immersive wearable technology. However, there’s a significant caveat: the glasses currently cost approximately $10,000 each to produce, and Meta has decided to delay consumer release until they can substantially reduce the price point.
Thompson, who had the opportunity to try the Orion glasses, noted that “the glasses that I tried felt like a consumer-ready product,” suggesting the technology is mature despite the cost challenges. He went so far as to compare Zuckerberg’s keynote performance to that of late Apple cofounder Steve Jobs, writing: “I thought Meta CEO Mark Zuckerberg delivered one of the best tech keynotes in years.”
Not all analysts were equally enthusiastic about the immediate business impact. Gene Munster, managing partner at Deepwater Asset Management, suggested that Meta’s stock fading after the initial bump was likely because “Orion is years away and overall there was not much new from the event.” This highlights the challenge Meta faces in balancing long-term vision with near-term investor expectations.
The event also showcased Zuckerberg’s personal transformation, as the now-40-year-old CEO has evolved from the hoodie-wearing Facebook founder into a more polished Meta influencer with a revamped personal brand. His confidence and stage presence have clearly matured, contributing to the positive reception of Meta’s ambitious AI and mixed reality roadmap.
Key Quotes
I thought Meta CEO Mark Zuckerberg delivered one of the best tech keynotes in years
Stratechery founder Ben Thompson made this statement, comparing Zuckerberg’s presentation favorably to legendary Apple keynotes by Steve Jobs. This assessment is particularly significant given 2024’s numerous high-profile Big Tech events, suggesting Meta’s AI and mixed reality vision stood out among intense competition.
The glasses that I tried felt like a consumer-ready product, but they reportedly cost $10,000 each, and Meta has decided to hold off on shipping a consumer version until they can bring the price down
Thompson provided this crucial insight after hands-on experience with the Orion holographic glasses, highlighting both the technological maturity of Meta’s AI-powered wearables and the significant economic barriers preventing immediate commercialization.
Orion is years away and overall there was not much new from the event
Gene Munster, managing partner at Deepwater Asset Management, offered this more cautious perspective to explain why Meta’s stock gains faded after the keynote, tempering enthusiasm with the reality that Meta’s most impressive AI hardware innovations remain distant from market availability.
Our Take
Meta’s Connect 2024 keynote reveals a company betting heavily on AI-powered wearables as the next computing platform, but facing a classic innovator’s dilemma. While the technology appears ready, the economics aren’t—a $10,000 production cost makes Orion glasses a moonshot rather than a product. This mirrors the early days of many transformative technologies, from personal computers to smartphones, where initial costs eventually plummeted through scale and innovation. What’s particularly notable is how Zuckerberg has repositioned himself and Meta as visionary leaders in AI hardware, not just social media. The comparison to Steve Jobs isn’t just about presentation style—it’s about articulating a compelling future where AI seamlessly integrates into our physical world through wearables. Whether Meta can execute on this vision while managing investor expectations for near-term returns remains the critical question.
Why This Matters
This keynote represents a pivotal moment in the race for AI-powered wearable computing, positioning Meta as a serious contender to reshape how humans interact with technology. While companies like Apple have entered the mixed reality space with Vision Pro, Meta’s focus on affordable, AI-enhanced glasses could democratize access to augmented reality experiences.
The integration of AI features into Meta’s smart glasses signals a broader industry shift toward ambient computing, where AI assistants are seamlessly embedded into everyday wearables rather than confined to smartphones. This could fundamentally alter how billions of people access information, communicate, and interact with digital content.
For businesses, Meta’s vision suggests significant opportunities in developing applications and services for this new platform. However, the $10,000 production cost for Orion glasses highlights the substantial technical and economic challenges that remain before this vision becomes mainstream reality. The market’s mixed response—initial enthusiasm followed by stabilization—reflects investor uncertainty about Meta’s timeline and ability to deliver profitable AI hardware products at scale.
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Source: https://www.businessinsider.com/mark-zuckerberg-impressed-wall-street-with-meta-connect-2024-9