Apple stocks increase as CEO says its investing in the metaverse

Apple stock increased by 4% to $165 from $159 at close on 27 January

Apple store in Sydney, Australia with company logo displayed through glass shop front                                 
Apple CEO Tim Cook described opportunity in the metaverse as “interesting” – Photo: Alamy
                                

American multinational tech giant Apple has seen its stock price increase as CEO, Tim Cook, stated he sees a lot of “potential” in the metaverse and the company is “investing” in it.

During a Q1 2022 earnings call, Katy Huberty, managing director at Morgan Stanley, asked if Apple is “thinking about the metaverse opportunity?”

Cook made his opinion clear on the metaverse, and replied: “Well, that’s a big question.”

The Apple CEO explained that the company is “always exploring new and emerging technologies” and how he has “spoken at length about how it’s very interesting”.

As Apple already has more than 14,000 Augmented Reality (AR) kit apps in its App Store and millions of customers who have downloaded them, this is an area that Apple already has some presence in.

Since making these remarks, Apple (AAPL) stock increased by 4% to $165 from $159 at the close of 27 January.

Apple CEO admits to owning crypto

In November 2021, Cook admitted to owning bitcoin (BTC) or ethereum (ETH).

Speaking to Cook at the DealBook conference, Andrew Ross Sorkin asked the Apple CEO if he owns any cryptos. “Any bitcoin or ethereum, would you play around with this?” Sorkin asked.

In response, Cook said: “I do. I think it’s reasonable to own as part of a diversified portfolio.” Cook went on to say he is not giving anyone investment advice on the matter.

The Apple CEO also stated he has been interested in cryptos for a while and has been researching cryptos and sees the digital currency market as “interesting”.

Cook, however, went on to say there were no plans for Apple to invest in cryptos. Cook then added Apple had no immediate plans to accept crypto payments.

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