Trade Radar | Apple WWDC 2023 Conference: 6 Metaverse-related Stocks You May Not Want to Miss
Another Weekly Session with Loui, M+ Online Head of Research. He shared his lastest views on Apple WWDC 2023 and related stocks to watch including Unity Software (U).
During one of the live streams in the previous month, we did commented on the WWDC 2023 is a significant event for Apple. Finally, they have finally unveiled the mixed-reality headset - the Vision Pro. It is worth US$3,499, and it might be the game changer going forward on how you view your virtual content, which can blend into the real world.
Despite this new product in the pipeline for Apple, the share price actually went down on that day; declined from USD184.95 and closed at USD179.58. We believe the drop was due to the price point of US$3,499 could be well above the market’s expectations, thus the consumers may not flock into it like an iPhone-launch scenario.
However, there is another stock that has rallied after this product launch, which is Unity Software (U). The share price jumped more than 17% for that day to US$36.32. According to Bloomberg, the upsurge was the stock’s third-largest jump since its listing in 2020.
Based on the technical readings, it has experienced a breakout above the US$32 level, we expect the momentum could sustain towards the US$43-45 zone.
Is there any collaboration between Unity Software with Apple?
If you had followed the conference, Apple’s vice president of worldwide developer relations, Susan Prescott said the following.
“We know there is a community of developers who have been building incredible 3D apps for years. Today, we are excited to share that we’ve been working with Unity to bring those apps to Vision Pro, so popular Unity-based games and apps can gain full access to VisionOS features such as Passthrough, high-resolution rendering and native gestures.”
Hence, given this statement, it has been brought to the market’s attention that it might be a whole new avenue for Unity or software developers to reap the benefits going forward. Although there are no press releases on this matter yet, comments coming from Apple’s officials are far more important.
We also understand that Apple is working on the 3rd party ecosystem of apps for people to be able to use the Vision Pro. Also, Apple named Adobe, Cisco and Microsoft among the companies that are creating Vision Pro apps. While for streaming service, according to Apple, Vision Pro will run Disney+.
After the run in the AI-theme stocks, you don’t want to miss on these metaverse-related stocks.
Here are some of the stocks mentioned in this article that you may monitor.
| Ticker | Name |
| U | Unity Software |
| AAPL | Apple Inc |
| ADBE | Adobe Inc |
| CSCO | Cisco Systems Inc |
| MSFT | Microsoft Corp |
| DIS | The Walt Disney Company |
More about Loui:
Loui Low leads a team of analysts to perform equity and economic research and to provide investment advisory services to the organization's sales team, fund manager and retail fraternity. He has more than 10 years of experience in the stockbroking industry.
He graduated with a Bachelor of Science in Statistics from University of Malaya. He also holds an STA Diploma and is a member of the Society of Technical Analysts (MSTA) United Kingdom.
More about the Trade Radar:
Trade Radar is a weekly-updated section, featuring Loui's latest insights into market trends and hot topics. Traders may find some trading inspiration from Loui's views.
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