Market News

Apple Plans to Take on META with Cheaper Hardware

Normally, the only place you’d see the words “cheaper” and “Apple” together is in a grocery store. However, consumer tech giant Apple (NASDAQ:AAPL) has a plan to take on Meta Platforms (NASDAQ:META) in virtual reality. The plan is cheaper hardware, and this might be the big turning point for Metaverse operations.

Apple has a clear edge over Meta Platforms right now, as far as Wall Street is concerned. Analyst consensus declares Apple stock a Strong Buy, while Meta Platforms stock is merely a Moderate Buy.

Apple taking on Meta might have been a tall order back before the pivot kicked in. Apple’s original mixed-reality headset, which allowed for both virtual and augmented reality, originally carried a roughly $3,000 price tag with it. Given that the Meta equivalent costs about half that when it came out last year, such a move was all but handing over a win to Meta. However, reports note that Apple engineers are already working on a cheaper version.

Reports note that there has yet to be a working prototype available yet. However, the device will turn to lower-powered chips. Instead of using chips suitable for a Mac, Apple will use chips similar to an iPhone. The device may also skimp on the graphics, using lower-resolution displays and cheaper overall materials. The higher-end device should release later this year, and the budget model should follow soon after.

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