SNAP Stock Hits Over 1-Month Low Amid SPECS Backlash - Meta Unveils Cheaper Glasses And Musk Fuels AI FOMO

(MENAFN- AsiaNet News)

• Snap's standalone AR glasses cost $2,195, require a $200 refundable preorder deposit, and are expected to ship this fall.
• Meta unveiled glasses starting at $249 after Wednesday's close, while Grok Bot reportedly reached 418,000 weekly users.
• Stocktwits sentiment on SNAP turned bearish as shares headed for a second straight weekly decline.

Shares of Snap, Inc. (SNAP) closed at their lowest level in over a month on Wednesday as CEO Evan Spiegel's promotion of the company's $2,195 SPECS glasses drew criticism from investors, hours before Meta unveiled a wider lineup of lower-priced eyewear and Elon Musk amplified a report of rising Grok Bot usage. 

SNAP stock fell 6% to $5.29 on Wednesday, marking its second straight session of losses. Shares are also on track for a second consecutive weekly decline and are down 5% so far this month. 

Spiegel's SPECS Push Draws Investor Scrutiny 

On Tuesday, Spiegel shared an early hands-on look at SPECS and highlighted outreach to university developers. Several replies turned from the glasses to Snap's stock. One user asked when Spiegel would buy shares, while another asked,“Will you buy shares now?” A third predicted SPECS would be“one of the biggest fails in tech.” 

Snap unveiled SPECS in June as standalone, see-through augmented reality glasses priced at $2,195. Preorders require a $200 refundable deposit, and the company expects to begin shipping this fall in the U.S., U.K., and France. The glasses offer a 51-degree field of view and up to four hours of battery life. Their included charging case extends total use to as much as 20 hours.

The company has since broadened its pitch beyond consumers. A $2,395 Connected Case bundle adds cellular connectivity, while Snap has outlined business applications with Nvidia, Salesforce, Amazon Web Services and other partners. In-person demonstrations are due to begin in Los Angeles on Oct.1. 

Snap is also developing SPECS Intelligence, an AI assistant intended to work across the glasses, iPhone and Mac. A limited iOS preview is available in the U.S., but access to the fuller Mac service remains invitation-only.

Meta's New Glasses Put SPECS' Price In Focus 

At Meta's Connect keynote on Wednesday, Meta introduced Meta Adventurer glasses starting at $249, with sales scheduled for Oct.23. Its new Ray-Ban Meta Audio glasses start at $349, contain no camera and are set to ship Oct.13. Camera-equipped Ray-Ban Meta Gen 3 starts at $449 and is available now. Meta said its expanded range would encompass more than 100 styles by the end of the year.

Meta also previewed $1,299.99 VR Glasses for spring 2027. They are a different kind of device from SPECS: Meta's VR model uses a separate, tethered computing unit, while Snap is selling standalone, see-through AR glasses. The $349 Audio model likewise lacks SPECS' visual display. 

Musk Spotlights Grok Bot Growth 

SpaceXAI's Grok Bot reportedly hit 418,000 weekly users as of Sept.14, up 24% from the previous week, according to an internal company presentation and people familiar with it. Musk shared the figures on X on Wednesday, saying that“Grok @Bot usage is growing faster than anything we've ever seen.” 

The firm also highlighted new Grok Bot features this week, including voice messages, access to a 1Password vault and drafts within email and Slack. Tesla said Grok could use connected accounts to help drivers manage messages, calendars and tasks hands-free. 

Separately, SpaceXAI said Grok Bot helped its customer-support team handle 175% more tickets without adding staff, with some resolutions costing $0.20 to $0.30. The company also released Grok 4.7, an updated model aimed at coding and knowledge work. 

How Do Retail Traders Feel About SNAP?

On Stocktwits, retail sentiment for SNAP flipped to 'bearish' from 'bullish' levels a day ago amid a 34% decline in 24-hour message volumes.

SNAP sentiment and message volume as of September 24 | Source: Stocktwits

One user said,“$SNAP Meta VR glasses for half the price will be another nail in the coffin here unfortunately”

View this Stocktwits post

Another bearish user said,“$SNAP so Evan worked on new Specs for years, and then Meta took it and made it better and cheaper. Who would've known”

View this Stocktwits post

SNAP stock has fallen 34% year-to-date.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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