Apple’s stock dropped today after the much-hyped release of its virtual reality headset Vision Pro, its first major new product in nearly a decade.
The headset was unveiled at the company’s annual Worldwide Developers Conference, which began at 1 p.m. Monday. And after the stock price reached a record intraday high of $184.90 at around 1:15 p.m., it slid back down, giving up the gains and finishing the regular session down roughly 1% at $179.58.
Analysts estimated that the headset would be priced at $2,500 to $3,000, but the product was priced higher at $3,500. Vision Pro will be for sale in early 2024, and sales predictions range widely from 150,000 to 1 million units. Analysts expect that the device will initially appeal to “early adopters” and software developers, with future, lower-priced versions clicking within average consumers.
The mixed reality headset allows users to interact with digital objects overlaid onto their surrounding environments, transforming the experience of apps like FaceTime, web search, and streaming. The device features 3D-gaming and movie-watching settings, as well as immersive ways to view personal video and photo albums to “relive your most important memories in an entirely new way.”
Apple partnered with Disney and Unity for the launch, allowing users to stream Disney+ and play Unity games on the headset beginning day one.
Analysts predicted that the product could push Apple close to a $3 trillion valuation, depending on first-year sales. The tech giant previously touched the $3 trillion mark in early 2022. The company is currently valued at $2.82 trillion, and some analysts forecasted that Vision Pro could add over $40 billion to its market cap.