After a decade of innovation and billions in investment, Meta CEO Mark Zuckerberg made a bold reveal in September: a prototype of an innovative type of augmented reality called Orion. A week before this, while attending the annual Snap Partner Summit, Snap’s chief executive, Evan Spiegel showcased the 5th-generation of Spectacles …the ones with AR capabilities. Managers of both tech giants are focused on the future they believe will witness AR glasses replacing such smartphones as the primary computing device.

A Bold Leap Toward the Future of Computing

“This is a major leap forward for technology,”said Meta’s chief product officer, Chris Cox in an exclusive interview with CNBC Julia Boorstin. “It’s a big step in defining the next generation of computing.”

For years now it was the dream of augmented and mixed reality where tech companies would strive to. Apple for instance released its Vision Pro VR headset early this year and the device went for $3,500. Of course, Google also experimented with augmented reality in 2013 with Google Glass. It might’ve been unique for its generation, but it never went mainstream and thus was phased out. Microsoft also tried funding the AR idea and came out with the HoloLens in 2016, however it didn’t go smoothly and was dropped in October of this year.

The Growing Pains of AR Development

“It does not feel like it’s still in its infancy, though it’s still growing,” said Tuong Nguyen, a director analyst at Gartner. “The opportunity is enormous, but it is not fully exploited.”

Though Meta and Snap have introduced impressive AR prototypes, it will take at least a few years for these devices to be available to consumers. Currently, the technology is too costly for mass production.

Meta’s Strategy with Orion

Meta plans to use Orion primarily as a developer device, allowing its employees to build and fine-tune the software needed for the platform.

“For now, it’s mostly going to be used internally,” Zuckerberg said at the Meta Connect conference. “We’ll also work with a select group of external partners to ensure we get a broad range of content.”

Snap’s Plan for the 5th-Gen Spectacles

Snap is following a similar path, offering its AR glasses to developers for a rental fee of $99 per month for a year.

“We’ve worked hard to lower the barrier for people wanting to explore this new technology,” Spiegel told Boorstin. “It’s an exciting moment—both developers and consumers are ready for something fresh.”

The Future of AR Glasses

As the two organisations keep on emptying assets into AR, the eventual fate of this historic innovation is as yet being composed. Julia Boorstin got the opportunity to give a shot both Meta and Snap’s AR glasses firsthand, giving her a brief look into the developing scene of increased reality. Could this be the beginning of another time in tech? Both Meta and Snap like to assume so and they’re willing to wager billions on it.