Snap unveiled SPECS, an expensive augmented reality wearable priced at $2,195, betting that consumers will shift from phones to glasses—but the company faces stiff competition from Meta's lighter and cheaper Ray-Ban glasses.

What happened

Snap (SNAP) unveiled SPECS last week, a consumer augmented reality wearable with thick rims that weighs just slightly less than a baseball. CEO Evan Spiegel believes the glasses will mark a new chapter where people look up at the world through their $2,195 frames instead of down at phones.

What to watch

The wearable AI market is growing, but the winners so far have been more understated devices that look like normal sunglasses or watches. Whether everyday consumers with tightening wallets will embrace Snap's ambitious design choice—rather than prefer simpler, lower-cost alternatives—will determine whether SPECS succeeds or becomes a costly gamble.