AI stocks gain as Meta unveils Orion AR glasses

Meta CEO Mark Zuckerberg wearing the augmented reality device ‘Orion’. (Reuters/Yonhap)

South Korean artificial intelligence (AI)-related stocks gained ground on Friday morning after Meta Platforms Inc., the parent company of Facebook, unveiled an augmented reality (AR) device that is worn like glasses.

Shares of MAXST Co., a company specializing in AR, were trading at the upper limit of 2,740 won ($2.08) as of 10:52 a.m. on Friday, up 29.86 percent from the previous session.

Other AR-related companies also saw significant gains, with Virnect Co. which develops extended reality (XR) solutions based on AR technology, increasing 14.72 percent to 4,480 won, Dragonfly GF Co. 5.77 percent to 275 won, Dexter Studios 9.46 percent to 7,750 won, and Raontech Inc. 11.06 percent to 4,770 won.

Meta unveiled a prototype of its AR smart glasses, Orion, on Wednesday, local time.

Resembling thick, black horn-rimmed glasses, Orion allows users to wear it like regular glasses and view text messages, make video calls, and watch YouTube videos.

The smart glasses are equipped with micro-lenses that display information in the user’s field of view, projecting 3D images through a projector to implement holographic AR functions.

“Up until now, all attempts at AR devices involved headsets, goggles, or helmets,” said Meta CEO Mark Zuckerberg. “Orion will be the next computing device after smartphones.”

Cosmetics stocks also rallied on Friday, driven by expectations for China’s economic stimulus measures.

Cosmax Inc. shares were trading 10.85 percent higher at 144,000 won as of 10:55 a.m. on Friday.

Hankook Cosmetics Manufacturing Co. stock gained 2.27 percent to 76,500 won, TONYMOLY CO. 2.46 percent to 9,990 won, LG H&H Co. 5.77 percent to 385,000 won, and Amorepacific Corp. 5.59 percent to 155,000 won.

Also on Wednesday, cosmetics stocks had surged after China announced a massive stimulus package, including a 0.5 percent reduction in the reserve requirement ratio (RRR) for banks.

Shinhan Investment & Securities Co. projected that the economic stimulus measures in China would improve the performance of Cosmax’s subsidiaries in China, which could lead to further gains in the company’s stock price.