Meta is gearing up for its annual Connect developer conference on September 25 and 26, 2024. The event is expected to showcase the company’s latest advancements in virtual reality (VR), augmented reality (AR), and artificial intelligence (AI). CEO Mark Zuckerberg started the conference with a keynote address on Wednesday at 1 p.m. ET.
The event will be streamed live on Meta’s website and accessed through Meta Quest headsets in Horizon Worlds. One of the most anticipated announcements is the potential unveiling of a more affordable Quest 3S VR headset. The Verge reports that the new device could be priced at $299.99, making VR technology more accessible to a broader audience.
Meta may also provide updates on its Ray-Ban Meta smart glasses, hinting at the company’s progress in the AR space. However, analysts believe that the focus will be on Meta’s more budget-friendly VR offerings rather than high-end devices, given the sales challenges faced by Apple’s Vision Pro. Bank of America analyst Justin Post, who maintains a Buy rating and a $563 price target on Meta, expects the conference to highlight significant advancements in AR and AI.
Meta’s upcoming VR innovations
He anticipates Meta revealing a prototype of next-gen AR glasses and emphasizing mixed reality more. Post also suggests that Meta might announce new AI functions for its messaging apps, Messenger and WhatsApp, and demonstrate how AI integrations enhance user engagement on Facebook and Instagram.
Meta could even introduce an AI subscription product during the event. Rosenblatt analyst Barton Crockett, who also holds a Buy rating with a $643 price target, shares similar expectations. He believes Meta Connect will spotlight new AR glasses and advancements in AI.
However, Crockett raises concerns about the financial viability of Meta’s Reality Labs business segment, which has been incurring significant operating losses. Despite this, he acknowledges that Meta’s willingness to sustain these losses positions it competitively against rivals like Apple and Snap. As of Monday, Meta stock trades at $566.54, within a 52-week range of $279.40 to $573.98, reflecting a 64% increase year-to-date in 2024.
The Meta Connect 2024 conference promises substantial updates that could shape the future of AR, VR, and AI technologies. As the event unfolds, the tech world will closely watch to see how Meta’s innovations will impact the industry and consumer experiences.
