Apple Bets the Vision Pro Can Take the Metaverse Mainstream

admin June 6, 2023

0 6 minutes read

A bet to inject iPhone-esque magic into virtual reality

It’s here (or will be “early next year”): Apple has announced its long-awaited entry into virtual reality, or what the tech giant calls “spatial computing,” in the form of the Apple Vision Pro. . Like a pair of futuristic ski goggles that are expertly designed.

Initial reviews were mixed, but Skeptics questioned Whether even Apple can make virtual reality more than a niche technology. But proponents say if any company can take it mainstream, it’s Apple. 2 billion ecosystem iPhone, iPad and Mac users.

“We believe Apple Vision Pro is a revolutionary product.” Tim Cook told developers and journalists on Monday:surely Appearance Like Apple products: Unlike other virtual reality headsets, the external display shows your eyes to others and the device is controlled using hand gestures, eye movements, and your voice . A dial allows you to adjust the degree of immersion in the virtual world that shines into your eyeballs through two small 4K screens.

But what Apple demoed Monday was immersive versions of its apps like FaceTime and Safari, as well as 3D photos and videos. Full VR experience. Here’s what early testers said:

“At the end of the demo I took off my headset and felt two things: 1) Wow. Very cool. 2) Did I just do drugs?” Joanna Stern of the Wall Street Journal.
The device’s eye-tracking is “the most magical thing I’ve seen,” said a tech commentator. marques brownlee.
“The most perfect headset demo reel of all time is still just a headset demo reel,” he wrote. Nirai Patel of The Verge.

These are tough times for virtual reality. Enthusiasm for virtual worlds, often called the Metaverse, surged during the pandemic but waned as lockdowns eased. Investors also appear to be eyeing brighter new technologies such as artificial intelligence. Metaverse startups raised about $664 million in the first five months of 2023, down 77% from the previous year, according to PitchBook.

But Apple has made significant strides in new product categories before. Remember, in 2000, before Apple introduced the iPod, the market for portable digital music players was just 3.3 million units. Four years later, it has soared to 26.4 million.

And Apple is often content to play the long game. “They know this is an evolution that will take some time,” Counterpoint Research’s Jeff Fieldhack told the New York Times. (again, Not all Apple products turned out to be a hit. )

Some companies may profit from following Apple’s footsteps. shares of game developer unity Disney’s shares surged 17% on Monday’s news, but after the media giant said: Disney+ service will be available Vision Pro.

Even Meta, which invested in — and lost — Billions trying to take the Metaverse mainstream may benefit: Can its latest version, low-cost Quest Pro Starts at $500After all, will it become iPhone of Vision Pro from Android?

what is going on here

Sequoia is split into three. The venture capital firm said on Tuesday that China and India’s investment arm become another business, citing the complexity of operating a “decentralized global investment business.” The move came amid deep geopolitical tensions between the United States and China, but Sequoia officials denied that was the motive.

An important dam in southern Ukraine was destroyed. Attacks on the Kakhovka dam and power plant endangered large numbers of nearby residents, grain elevators and the port, and raised safety concerns for the nearby nuclear power plant. Ukraine and Russia exchanged responsibility for the attack. Russian forces are in control of the area.

Elon Musk let Robert Kennedy Jr. spread misinformation on his Twitter broadcast. The social network’s owner greeted Democratic presidential hopeful vaccine skeptic Kennedy on Monday to make unsubstantiated claims that the coronavirus is a bioweapon. His comments come as Twitter executives worry that controversial content will continue to harm the company’s advertising business.

The Hollywood Actors Guild vote to approve the strike. About 98% of SAG-AFTRA members who voted approved the work stoppage days ahead of negotiations with film and television studios. The move comes at a time when the writers’ strike is now in its sixth week and comes after the Directors Guild of America agreed to a tentative agreement.

SEC pursues Binance

The SEC has accused Binance, the world’s largest cryptocurrency exchange, of mishandling customer funds and misleading investors and regulators about its operations. The lawsuit, announced Monday, could rock the industry on the eve of congressional hearings on the industry’s new regulations.

Binance accused of commingling billions of dollars in customer funds It has partnered with another company owned by CEO Changpeng Zhao. SEC also claims Binance sold unregistered securitiesAnd the complaint quotes an executive who admitted to a colleague that the company operated an “unlicensed stock exchange in the United States.”

The company denied the accusationsIt has attempted to negotiate a settlement, claiming the lawsuit was “misplaced.” However, the SEC action adds to Binance’s list of accusations after the Commodity Futures Trading Commission sued Binance in March for illegally providing services to U.S. customers.

Some of the latest incidents reflect the demise of FTX. Binance helped hasten the collapse of rivals last fall by examining the company’s books and warning of problems ahead of a potential acquisition. Shortly after, federal agencies launched an investigation into FTX founder Sam Bankman-Fried, filing civil and criminal fraud charges against the former cryptocurrency industry genius.

Now Bankman-Fried’s former leader Chao faces possible punishment of his own — and industry insiders say the SEC lawsuit may not be the last to hit Binance. It has said.

Cryptocurrencies are scheduled to be debated in parliament on Tuesday. Committees of both houses jointly announce Draft cryptocurrency bill held last week Hearing on Tuesday About the future of this field. For an industry champion looking to change the narrative after the FTX scandal, the Binance lawsuit is ill-timed. Shares of rival exchange Coinbase fell 10% after the lawsuit was announced.

The industry is calling for clearer regulation, and new proposals address thorny issues such as when digital assets turn from securities to commodities. Coinbase Chief Legal Officer Paul Grewal, who plans to testify, told Dealbook of the bill, “We believe this is doable and has been long overdue.” But recent accusations may dominate the debate.

Regulator power test case

Business leaders are watching the feud between the Federal Trade Commission and the genetic sequencing company Illumina, which bought cancer test maker Grail for $7 billion in 2021.

The lawsuit is seen as a litmus test for vertical mergers, in which companies acquire businesses in similar industries, and the battle was further intensified on Monday when Illumina accused the FTC of operating unconstitutionally.

The FTC ordered Illumina to sell Grail. But Illumina said the agency applied new standards to vertical mergers, exercising powers far beyond what Congress intended for unelected administrators. The Fifth Circuit Court of Appeals, which will hear the case, may be inclined to agree, based on the record of two cases last year.

A court of appeals sided with payday lenders in a lawsuit challenging the constitutionality of the CFPB. The Supreme Court is scheduled to revisit the case next term.
The Court of Appeals agreed with the hedge fund manager accused by the SEC of securities law violations, arguing that the SEC’s enforcement powers were unconstitutional. The government is appealing for review.

Decisions can be made quickly. The Fifth Circuit recently granted Illumina’s request for expedited review, with a trial scheduled for August. The loser will probably appeal. But the Supreme Court has made several decisions that suggest it’s not so favorable to regulators either.

In April, judges handed down a unanimous ruling streamlining the federal court’s challenge to the agency’s constitutionality, making it easier for administrators to sue.
Last year, the High Court ruled that the EPA had exceeded Congress’ powers with its emissions regulations.

Some lawyers believe Illumina will eventually face the Supreme Court, which may rule in its favor. But it all comes down to timing. Illumina has also faced opposition in Europe, saying it would sell Grail if it lost on either continent. A decision on Illumina’s appeal against the European Commission’s move to block the deal could come later this year, which could be why the FTC is asking the Fifth Circuit to slow down.

Big hotelier shuts down San Francisco

Park Hotels & Resorts, which operates two of San Francisco’s most prominent hotels, has handed over the keys to the property, essentially giving up on the troubled city.

Park Hotels suspends payments on $725 million loan related to Hilton Union Square and Park 55 San Francisco, real estate investment trust Said on monday. Together, these hotels are located a few blocks from the once-bustling Moscone Center conference center and have nearly 3,000 rooms.

The slowing economy and the thunder of remote work have left offices across the country empty, with some warnings of a ticking time bomb. commercial real estate market. Hit by a wave of job cuts in the technology department, sharp deceleration According to Moscone’s conference calendar, downtown San Francisco has been hit hard.

“More than ever, we believe the road to San Francisco’s recovery remains clouded and protracted by major challenges,” said Thomas Baltimore Jr., CEO of the park. Told.

Can others follow suit? San Francisco is High reliance on business travel, has not yet returned to pre-pandemic levels. JP Morgan brought back its annual healthcare conference this year, but other events too I have movedVMWare tech conferences and more.

Not everyone is giving up. “We are not going out of business in San Francisco,” James Risoleo, CEO of rival Host Hotels & Resorts, the parent company of the San Francisco Marquis Hotel, told analysts in May. rice field. “This is the epicenter of technology and will become the epicenter of artificial intelligence as the world returns.”