We recently published 10 Stocks Leaving Wall Street in the Dust; 4 Hit Fresh Records. Warby Parker Inc. (NYSE:WRBY) was one of the top performers on Tuesday.
Warby Parker bounced back by 9.44 percent on Tuesday to close at $29.09 apiece, as news of strong demand for artificial intelligence glasses spilled over to its stock.
At intra-day trading, Warby Parker Inc. (NYSE:WRBY) climbed to as much as $30, just $1 shy of its 52-week high of $31, following news that Meta Platforms and EssilorLuxottica are ramping up production for their AI-powered glasses by the end of the year to meet strong demand.
Optimism dribbled into Warby Parker Inc. (NYSE:WRB), which is also set to unveil its own AI glasses, in partnership with Google, sometime this year. The product would incorporate multimodal AI with prescription and non-prescription lenses.
Under its agreement with Google, the eyewear maker would design and develop the AI glasses, while Google would finance the product development for $75 million, alongside an optional investment in the former for another $75 million, subject to the achievement of certain milestones.
In other news, Warby Parker Inc. (NYSE:WRBY) earlier maintained a “buy” recommendation from investment firm TD Cowen, alongside an 8 percent upgrade for its price target on strong optimism for its AI glasses.
While we acknowledge the potential of WRBY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
