Why investors are turning bullish on Snap stock
Snap shares gained in after-hours trading after the company unveiled Specs Intelligence AI and showcased its augmented-reality glasses. The company also announced enterprise partnerships with Salesforce, Nvidia and AWS, while pricing Specs at $2,195.
Snap shares gained in after-hours trading after the company unveiled its new Specs Intelligence AI service and showcased its augmented-reality glasses. The stock rose about 2.5% to $5.86 in after-hours trading, according to Investing.com.
Snap is positioning Specs as a standalone wearable computer, rather than simply a device for taking photos. The glasses feature a 51-degree field of view, hand tracking, navigation, live translation and video-streaming capabilities.
The company unveiled Specs Intelligence, an AI service designed to anticipate users' needs by connecting information across selected apps. The service can work with applications including Gmail and Slack and is being offered across Specs, iPhone and Mac.
Snap is also targeting enterprise customers through partnerships with Salesforce, Nvidia and Amazon Web Services. Salesforce's Agentforce will provide access to company data, Nvidia technology will help Specs interpret visual environments, while AWS will provide voice-based AI capabilities.
Snap has priced Specs at $2,195, while a version with a cellular-connected carrying case costs $2,395. The high price was previously a concern for investors, but the latest product demonstrations and AI capabilities have renewed attention around Snap's hardware strategy.
Snap's announcement also triggered a shift in retail investor sentiment. Sentiment around SNAP moved to "extremely bullish" from "bullish" the previous day. Snap shares had nevertheless fallen more than 29% year to date as of the Stocktwits report.
