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EssilorLuxottica shares hit record high as Meta AI glasses fuel investor optimism

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Shares of EssilorLuxottica (ESLX.PA) soared 14% on Friday, reaching an all-time high and adding nearly $20 billion in market value, as enthusiasm over its AI-powered Ray-Ban Meta smart glasses surged among investors.

The Paris-listed eyewear giant, founded by Leonardo Del Vecchio, reported third-quarter sales up 11.7% year-on-year to €6.9 billion ($8.1 billion), marking its strongest quarterly performance ever. The results exceeded analyst expectations, buoyed by growing demand for smart and wearable technologies.

Although the Ray-Ban Meta smart glasses currently account for only a small portion of EssilorLuxottica’s total revenue, they have become a major growth catalyst. Chief Financial Officer Stefano Grassi said the AI-enabled glasses contributed over four percentage points to sales growth, prompting the company to expand production capacity ahead of schedule.

“The exponential growth of wearables provided an extra boost to top-line performance,” EssilorLuxottica said.

Barclays analysts predicted that smart glasses could become the most disruptive innovation since smartphones, forecasting sales of 60 million units globally by 2035.

The stock’s surge marked the biggest daily gain since 2008, lifting the company’s market capitalization to €126.5 billion and driving the Stoxx Europe Luxury 10 Index up more than 7% on the week.

Priced between $379 and $799, the latest Ray-Ban Meta models feature built-in displays and generative AI capabilities. Expansion to Canada, France, Italy, and the UK is planned for early 2026.

Analysts at J.P. Morgan called the glasses a “material growth driver,” while Equita raised its annual wearables forecast, estimating the category could contribute around €1 billion to sales this year.

Apple Targets 2026 Launch for Smart Glasses, Shelves Smartwatch Camera Plans

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Apple is reportedly planning to launch smart glasses in late 2026, according to Bloomberg News, marking a renewed effort by the tech giant to expand its AI-focused wearable product lineup.

The company will begin mass-producing prototypes with overseas suppliers at the end of 2025, the report said, citing sources familiar with the matter. Apple has not commented on the development.

This move follows mixed reception for its $3,499 Vision Pro mixed-reality headset, which has faced slow adoption due to its high price and limited artificial intelligence capabilities.

Competing in the Facewear Market

The new Apple smart glasses would position the company to directly compete with Meta’s Ray-Ban smart glasses, which have gained popularity for their integration of AI and social features. Unlike the Vision Pro, the new glasses are expected to be lighter, more affordable, and likely focused on AI-powered applications such as real-time translation, notifications, or camera assistance.

Apple Watch Camera Project Cancelled

In the same report, Bloomberg revealed Apple has shelved plans for a camera-equipped Apple Watch, which was expected to launch by 2027. The smartwatch would have included functionality to analyze its surroundings using AI and capture photos — a concept Apple has now decided to discontinue.

This reflects Apple’s shifting hardware strategy to focus on products that deliver more practical AI experiences without compromising on design, privacy, or battery life.

OpenAI Acquires Jony Ive’s Startup for $6.5 Billion, Taps iPhone Designer as Creative Head for AI Devices

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OpenAI has acquired io Products, the hardware startup co-founded by legendary Apple designer Jony Ive, in a $6.5 billion all-stock deal, and named him creative head of the company as it seeks to build breakthrough devices for the generative AI era.

The move marks OpenAI’s most ambitious hardware play yet, combining Ive’s iconic product design legacy with the company’s fast-evolving AI capabilities. Ive’s design firm LoveFrom has been collaborating with OpenAI for the past two years, exploring new device concepts designed to move beyond the traditional smartphone and laptop interfaces.

“The products that we’re using to deliver and connect us to unimaginable technology — they’re decades old,” said Sam Altman and Jony Ive in a video posted to OpenAI’s blog.
“Surely there’s something beyond these legacy products we have.”

Altman teased a working prototype — calling it “the coolest piece of technology the world will have ever seen” — though no product details were shared.

Strategic Implications

OpenAI previously held a 23% stake in io Products, according to a source familiar with the matter. The $6.5 billion valuation is based on OpenAI’s estimated market value of $300 billion.

This acquisition underscores OpenAI’s desire to control its own hardware platform, breaking away from reliance on Apple’s iOS or Google’s Android to distribute its AI services, such as ChatGPT and other generative tools.

“OpenAI is interested in owning the next hardware platform so they don’t have to sell their products through Apple or Google,” said Gil Luria, analyst at D.A. Davidson.

Competitive Landscape

The AI hardware category is heating up, with recent attempts including:

  • Humane’s AI Pin, developed by ex-Apple executives, which was recently shut down and acquired by HP after poor reception due to limited battery life and high cost.

  • Rabbit’s r1 device, which sold over 100,000 units but has drawn criticism for limited functionality compared to smartphones.

  • Meta’s Quest and Ray-Ban smart glasses, part of the company’s long-term push into AI-powered wearables.

Apple, meanwhile, has been slow to integrate generative AI tools, with its Apple Intelligence features lagging behind offerings on Android. The news of Ive’s alignment with OpenAI sparked a more than 2% drop in Apple shares.

What’s Next?

OpenAI now positions itself not just as a software leader in AI, but as a potential hardware disruptor, aiming to redefine how users physically interact with intelligent systems. With Jony Ive on board and a prototype already in development, the tech world is watching closely to see if OpenAI can succeed where others have faltered.