Meta has invested $3.5 billion in EssilorLuxottica, the company behind Ray-Ban and Oakley, to develop AI smart glasses.
The investment deepens Meta's commitment to smart glasses, with a potential increase in stake from almost 3% to 5%.
Meta and EssilorLuxottica have a history of collaboration in smart glasses, including the release of Ray-Ban Stories and Oakley smart glasses designed for athletes.
Meta faces competition in the AI eyewear market from tech giants like Apple and Google, with Meta shifting its focus from social media to AI and virtual reality.