Per Bloomberg

Apple has a team of 1,000 individuals that spent seven long years working on what is being called the company's "mixed-reality headset." An iOS 3D version is being attempted to bring eye- and hand-tracking systems to life.

The report notes that the upcoming device could bare the name Reality Pro and will likely be sold at a premium price of $3,000. Apple is not the first in the AR/VR industry, wherein Meta Platforms Inc dominates the VR industry.

In 2022, Meta reported a bad year as its VR headset sales dropped by 2% in the US but globally, there was a 12% drop in 2022 for VR and AR tech, per Forbes. This came at a time when Mark Zuckerberg's company's shares dropped by a whopping 24%, the lowest it's ever been since 2016, per CNBC.

The team working on the supposed Reality Pro consists of a thousand people working for something that Apple calls its Technology Development Group. Apple is taking a huge step in developing these headsets, especially since Meta lost billions in trying to push this virtual tech.

One thing that Apple is especially focusing on is the eye- and hand-tracking capabilities, which the company is betting will be its competitive advantage, per sources familiar with the product. This is especially because the device is expected to cost twice as much as the competitors' devices.

Apple is also working on other forms of advanced tech for its devices, like adding touchscreens to its Mac laptops. Although not new tech, the company is treading carefully, especially since Steve Jobs once called the tech "ergonomically terrible."

Reports from sources familiar with the topic have highlighted that the company will pause hiring in 2023 amid recession fears. A person familiar with the topic noted that Apple has designated "no budget" for the company to add its headcount.

See flow at unusualwhales.com/flow.

Other News:

Resources:

Bloomberg

Forbes

CNBC