Apple shares soar over Cook’s statement of investing in the Metaverse

Apple shares soar over Cook's statement of investing in the Metaverse

Apple’s (AAPL) stock price jumped in after-hours trading after CEO Tim Cook remarked during the corporation’s Q1 2022 earnings release that he sees great potential in the Metaverse space.

When asked about Apple’s Metaverse chances during the call on Jan. 27, Cook answered, We see a lot of opportunity in this space and are investing accordingly.

AAPL dropped about 3% to $159.22 during usual trading hours but has now gained 8% to $167.23 in after-hours trading. The Metaverse was just one of the topics discussed during the conversation.

Apple (AAPL) already has a bevvy of 14,000 apps on its App Store that have been designed using the AR developer platform ARKit, according to Appleinsider. 

In the Jan. 27 call, Cook mentioned that Apple (AAPL) already has a bevvy of 14,000 apps on its App Store that has been developed using the AR developer platform ARKit. Apps built with ARKit may be able to assist users in gaining access to the Metaverse.

Despite Cook’s acceptance of the Metaverse, the headset in development is thought to be primarily geared for gaming, communication, and content consumption. So far, the world’s most valuable corporation has lagged behind other major giants like Meta and Microsoft, both of which have made public aspirations to develop in the Metaverse.

Microsoft recently paid $69 billion for Activision Blizzard in order to grow Metaverse gaming.

Chainlink Labs, the business behind Chainlink, the world’s most extensive decentralized oracle network, announced today that Christian Catalini, Diem’s co-creator and chief economist, and Dan Boneh, a prominent Stanford cryptographer, have joined the firm as strategic advisors.

An Israeli 3D artist, Gal Yosef, has announced the launch of his Meta Eagle Club NFT collection, which is backed by an internationally famous gallery specializing in high-end art curation.

Ripple (XRP) stated on Wednesday that it had repurchased all Series C shares it had given to private investors in December 2019. According to the company, the repurchase reflected Ripple’s powerful market position and solid balance sheet.

 

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