In Q1 2022, Meta’s (FB) metaverse business — known as Reality Labs — operated at a loss of nearly $3 billion, causing skepticism in the market about whether the metaverse truly has a place in the digital future. Meta CEO Mark Zuckerberg noted that costs in the present are “laying the groundwork” for this technology to hit the mainstream.
In spite of the skepticism, Qualcomm (QCOM) CEO Cristiano Amon agrees that the best has yet to come for metaverse adoption and investment.
“It's real, it's going to be a very big opportunity,” Amon told Yahoo Finance Live. “We started investing in fundamental technologies that allow the merger of physical and digital spaces over a decade ago. It's no secret that because of those early investments, for the over 40 virtual reality and augmented reality devices that exist in the world, [they are] all powered by Qualcomm.”