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Apple Plans to Rival Meta's Smart Glasses with AI-Enhanced AirPods Pro
Tech brief - 5-minute market update.
Kristoffer Lindström
October 01, 2024
In partnership with
TECH BRIEF
Leading S&P sectors recorded gains, influenced by several factors, including analyst ratings and quarterly earnings. Apple's stocks rose by 2.24% amidst reports of pulling out from OpenAI funding discussions. Amid sparse earnings, focus may shift to the automobile sector, anticipating Tesla's delivery figures on Wednesday, predicted to be up by 6% from last year. Piper Sandler projects a 5.4% increase in Tesla's delivery to 1.75 million units, attributing potential boosts to Chinese sales.
In response to Meta's AI wearables, rumors suggest Apple might incorporate AI technology and cameras into its next-generation AirPods Pro, aiming for immersive experiences and enhancing the AI assistant's capabilities. The speculated AirPods Pro would be more about understanding the environment, improving navigation, fitness tracking, and gesture controls, offering a subtle integration of technology. Unlike Meta's emphasis on capturing and sharing experiences visually, Apple seems to focus on establishing AI as an ever-present aspect of wearable technology. A vigorous battle of wearables ensues as companies seek to redefine users' interaction with the digital and physical worlds.
Ubisoft faces potential strike action, a slump in shares, and investor discontent over its game pipeline and fiscal prospects after delaying the release of "Assassin's Creed Shadows" and cutting net bookings guidance for 2024-2025. Activist investor AJ Investments, pushing for a sale to private equity firms or Tencent, has allegedly gathered 10% shareholder support for its plan. Amid broader industry struggles, analysts foresee lower unit sales for Ubisoft's upcoming releases, while Wedbush Securities suggest trolling may have impacted sales of "Star Wars Outlaws".
Cybersecurity firm Proofpoint, led by CEO Sumit Dhawan, is eyeing a return to the public markets through pre-IPO financing and strategic mergers and acquisitions of smaller cybersecurity companies. The firm plans to leverage these strategies for broader market expansion and industry consolidation. However, the IPO's timing largely depends on market conditions and the 2024 U.S. presidential election.
AI chipmaker Cerebras Systems has filed for an initial public offering and is planning to trade under "CBRS" on the Nasdaq. The firm, competing with giants like Nvidia, boasts a chip with more cores and memory than Nvidia's popular H100. Despite a net loss in the first half of 2024, Cerebras reported $136.4 million in sales. The company also offers cloud-based services and recognizes AMD, Intel, Microsoft, and Google among its competitors.
Finnish tech company Oura Health Oy predicts doubling its annual sales to around $500 million this year, driven by sales of its fitness-tracking rings. CEO Tom Hale revealed no plans for an imminent IPO while stating the company anticipates robust growth in 2025. Oura's new fourth-generation model, launching in October, promises a slimmer design and improved battery life.
SoftBank’s Vision Fund will funnel $500 million into OpenAI's latest funding round, valuing the ChatGPT developer at $150 billion pre-investment. As SoftBank's inaugural investment in the Sam Altman-led firm, it joins lead investor Thrive Capital, Microsoft, and others. The round may also see participation from the United Arab Emirates fund MGX, Nvidia, and Dragoneer Investment Group.
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