Warby Parker (WRBY) Soars 9.4% on Strong AI Glasses Demand

We recently published 10 Stocks Leaving Wall Street in the Dust; 4 Hit Fresh Records. Warby Parker Inc. was one of the top performers on Tuesday.

Warby Parker bounced back by 9.44 percent on Tuesday to close at $29.09 apiece, as news of strong demand for artificial intelligence glasses spilled over to its stock.

At intra-day trading, Warby Parker Inc. climbed to as much as $30, just $1 shy of its 52-week high of $31, following news that Meta Platforms and EssilorLuxottica are ramping up production for their AI-powered glasses by the end of the year to meet strong demand.

Optimism dribbled into Warby Parker Inc. (NYSE:WRB), which is also set to unveil its own AI glasses, in partnership with Google, sometime this year. The product would incorporate multimodal AI with prescription and non-prescription lenses.

Warby Parker (WRBY) Soars 9.4% on Strong AI Glasses Demand

Under its agreement with Google, the eyewear maker would design and develop the AI glasses, while Google would finance the product development for $75 million, alongside an optional investment in the former for another $75 million, subject to the achievement of certain milestones.

In other news, Warby Parker Inc. earlier maintained a “buy” recommendation from investment firm TD Cowen, alongside an 8 percent upgrade for its price target on strong optimism for its AI glasses.

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This article is originally published at Insider Monkey.