Apples stock dropped today after the much-hyped release of its virtual reality headset Vision Pro, its first major new product in a decade.
The headset was unveiled at the companys 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 fell 3.03% to $179.29, as of 3:20 p.m.
Analysts estimated that the headset would be priced at $2,500 to $3,000, but the product was priced higher at $3,400. Vision Pro will be for sale in early 2024, and sales predictions range widely from 150,000 to 1 million units.
Vision Pro allows users to interact with digital apps overlaid onto their surrounding environments, including 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 dollar 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.
