Meta's AI Push Won't Dethrone Apple
Meta Platforms is making significant investments in artificial intelligence (AI) and AI hardware, as revealed at its Meta Connect 2026 event. The company's capital expenditures are forecast to reach between $130 billion and $145 billion by 2026.
The market has become increasingly bullish on Meta's recent product launches, with the 'Magnificent Seven' stock rising by 25% in the past month (as of Sept. 28). However, some investors might wonder if this poses a threat to consumer tech leader Apple.
At the Meta Connect event, Meta introduced new hardware devices, including lightweight virtual reality (VR) glasses, a new iteration of its Ray-Ban smart glasses, and audio-only smart glasses. Additionally, it announced the Muse Charm, a small, handheld AI agent device.
The goal is to enable seamless usage of its Muse AI agent, which it released on Sept. 8. During their respective first 12 days of public availability, Muse AI downloads for iOS exceeded ChatGPT downloads in the U.S. and Canada.