On the inevitable metaverse trade—whether many years away or whenever a bit more real-world clarity arrives—there probably won't be those once-in-a-lifetime x100k wins on a disruptive newcomer; it will likely come down to AAPL and META when the timing lines up.
The pivot back to smart glasses reads like a small step backward: useful as a bridge to VR, but AAPL and META initially pushed full-immersion headsets (AVP, Quest, etc.) because those companies view full immersion as the ultimate endgame.
Uncertain timing has softened the push toward full immersion; AVP Air launching next year could be a useful signal of acceleration.
When the shift finally accelerates, expect a period of fat beta and outsized volatility.