🚀 Will Apple bring AR to the masses?

Plus, Olivia talks breaking into VC!

Justine & Olivia Moore

Jun 12

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 Apple updates. Apple’s Worldwide Developer Conference brought a slew of launches. On the software side, Apple announced new features for iOS 17 (launching in September) - you’ll now be able to leave video voicemails on FaceTime, share your contact info with someone by bringing your phones together, and get automatic transcriptions of voice messages. On the hardware side, the Macbook Air and desktop both got upgraded and Apple announced a new M2 chip. And one more thing…keep reading to “What We’re Following” below!

⚖️ SEC targets crypto. The Securities and Exchange Commission charged two crypto exchanges, Coinbase and Binance, with securities laws violations. Coinbase was charged with operating as an unregistered securities exchange, broker, and clearing agency, while Binance was additionally charged with lying to regulators. Coinbase CEO Brian Armstrong responded via Twitter that Coinbase had been allowed by the SEC to become a public company in 2021, and has repeatedly attempted to work with regulators but given no path to registration.

👋 Sequoia makes a split. Venture firm Sequoia Capital will divide into three regional firms - Sequoia Capital (U.S. / Europe), HongShan (China), and Peak XV Partners (India / SE Asia) - with their own limited partners and operations. The separation will be complete no later than March 2024. In interviews with Forbes, the firm’s leaders said the move is due to increasing conflict risk between portfolio companies across funds, brand confusion, and geopolitical / regulatory uncertainty.

🤖 Meta doubles down on AI. While Meta has released some impactful AI research and models, the company has yet to incorporate generative AI into its core products - until now. CEO Mark Zuckerberg told employees this week that Meta will be adding AI-powered experiences to Facebook, Instagram, and WhatsApp. He mentioned a few features at various stages of development, from using prompts to edit your IG Stories to AI bots that you can chat with on Messenger (more on this here).

what we’re following 👀

Marc Andreessen on “why AI will save the world.”

Netflix’s crackdown on password sharing has resulted in new subscribers.

How Khan Academy’s new tutoring bot works.

Olivia appeared on the Aarthi & Sriram Show to talk getting into VC!

We would be remiss in not spending some serious time on the big news of the week, the debut of the Apple Vision Pro! It was a launch that divided the internet.

Some took aim at the hefty $3,500 price tag - more than 3x the cost of Facebook’s most expensive headset - especially given that AR (augmented reality) hasn’t yet reached widespread adoption. But others, especially those that have tried the device, call it a breakthrough that could bring AR to the masses, praising the high resolution, realistic immersiveness, and “passthrough” ability (being able to see the real world and even use your phone while in the Vision Pro).

First impressions: Yes, Apple Vision Pro works and yes, it's good | TechCrunch — Photo from TechCrunch: https://techcrunch.com/2023/06/05/first-impressions-yes-apple-vision-pro-works-and-yes-its-good/

Headset devices have had a famously tough path to consumer adoption, starting with Google Glasses back in 2012 - which were widely mocked and died a slow death, even after pivoting to enterprise. Then came Snapchat Spectacles (not quite a headset, but close), which had similarly disappointing sales despite launching four separate iterations.

The biggest success from a commercial perspective is Oculus, acquired by Facebook - which owns the top-selling headset of all time. However, a Meta executive recently shared in an internal presentation that while the company has sold 20M VR headsets, they’re struggling with retention and engagement beyond the initial sale.

Meta Quest downloads have historically peaked during the holidays as people buy new devices, but struggle to maintain momentum during the rest of the year. And Meta’s Vice President for VR, Mark Rabkin, told employees that these more recent holiday customers are seeing declining data versus early adopters of the headset: “the newer cohorts that are coming in, the people who bought it this last Christmas, they’re just not as into it.”

What does Meta, which famously has gone all-in on the metaverse, think of Apple’s big swing? Mark Zuckerberg spoke to the launch at an employee meeting this week. He called attention to the fact that Apple’s keynote footage was largely focused on solo, stationary usage instead of people interacting with each other: “I mean, that could be the vision of the future of computing, but like, it’s not the one that I want.”

We’ll be (excitedly!) trying out the Vision Pro as soon as it’s available. But the question that most reviewers have, which still feels unanswered, is whether this will unlock new, more engaging behaviors in augmented reality - or whether it will simply be a slightly better version of what we already have?