What happened
Shares of Apple (AAPL 0.52%) climbed on Monday, as investors' anticipation for the tech titan's entrance into the mixed-reality market heightened. By the close of the trading day, Apple's stock price was up 1.3% after rising as much as 3.1% earlier in the day.
So what
Apple is preparing to launch its long-awaited augmented reality (AR) headset as early as June, according to the Financial Times. The device's debut would mark a major move by the tech giant into an AR market that's projected to approach $600 billion by the end of the decade, according to Grand View Research.
Apple has reportedly been developing its mixed-reality headset for seven years. The initial version of the device is expected to feature advanced technology, including high-end cameras and ultra-high-resolution screens, that could drive its price as high as $3,000. Early sales are thus likely to be limited, although Apple is still reportedly planning to sell as many as 1 million headsets in the year following its launch.
Now what
A successful new product launch would do more than just provide Apple with another driver of sales and profit growth. It would also boost investors' confidence that innovation is alive and well at the tech juggernaut.
Apple's new mixed-reality headset would be the first product that was created entirely under CEO Tim Cook's watch. Many of the company's other major product development efforts -- including the iPhone, iPad, and Apple Watch -- were begun during former CEO Steve Jobs' tenure.
