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The Xreal One Series features the X1 chip which is the company’s first self-designed processor for its glasses.

Xreal

Xreal on Wednesday launched its latest generation of augmented reality (AR) glasses as it looks to fend off competition from the likes of Meta and Snap.

The company, which is backed by Chinese e-commerce giant Alibaba, is hoping to capitalize on the growing interest in AR glasses.

The Xreal One Series features the X1 chip which is the company’s first self-designed processor for its glasses and marks a big step for the product’s capabilities.

Xreal talks up the ability for wearers of its glasses to be able to connect to devices such as a phone, laptop or games console, and see their content on a huge digital screen in front of them. The previous generation of Xreal’s product required a companion device called the Beam for connections to a device, but the latest chip means that the Beam is not required.

“I think that it’s the biggest upgrade in Xreal history and probably the biggest upgrade for the entire consumer AR glasses [sector],” Chi Xu, CEO of Xreal, told CNBC in an interview.

The X1 chip was in the works for three years, Xu said, adding that he sees it as a way to increase the capabilities of the glasses to differentiate from the competition.

“We have to step up to define a chip that is really defining some of the new features for these types of glasses,” Xu said.

Xreal is one of the biggest players in the AR glasses space, but it is facing intense competition from the likes of Snap, which unveiled a new set of its Spectacles in September, as well as Facebook parent Meta’s continued efforts with the Meta Ray-Ban product. Meanwhile, CNBC reported this year that Qualcomm is working on a set of glasses with Google and Samsung.

Xreal is among the companies that are betting on glasses — rather than large headsets like Apple’s Vision Pro or the Meta Quest — to be the mass-market winners in AR.

“People have started to realize a headset doesn’t make sense, we need to go to lighter form factors to the glasses category,” Xu said. “But the challenge for glasses is can we push the limit to deliver a headset experience on a much smaller form factor?”

The Xreal One and Xreal One Pro start at $499 and $599 respectively.

AR, which refers to a technology that overlays digital content over the real world, has been hyped up over the last few years. However, the market had not exploded like many had predicted. Large headsets have proved too expensive or uncomfortable and firms including Xreal and Meta are focusing on how they can make the experience with glasses more compelling.

There is also still a lack of content and killer use cases for the product, an issue Xu said needs to change before the product category reaches a wider user base. The CEO added that this begins with good hardware.

“We need a platform, we need an ecosystem to improve the experience because we don’t have any content yet. But in order to have the developers getting excited … you need to have good hardware to begin with,” Xu told CNBC.

Xu said the company is expecting to sell 500,000 units of its previous products in 2025, roughly doubling the figure of this year.

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Alibaba shares rise over 6% after CEO unveils plans to boost AI spending

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Alibaba shares rise over 6% after CEO unveils plans to boost AI spending

Alibaba‘s Hong Kong-listed shares surged on Wednesday to reach their highest point since 2021 after the company said it will invest more in artificial intelligence and rolled out new AI products and updates. 

Shares of the company jumped over 6%, while its total gains year to date rose above 107%. 

The tech giant plans to increase spending on AI models and infrastructure development, on top of the 380 billion yuan ($53 billion) over three years it announced in February, Chief Executive Officer Eddie Wu said Wednesday at Alibaba Cloud’s annual flagship technology conference.

“We are vigorously advancing a three-year, 380 billion [yuan] AI infrastructure initiative with plans to sustain and further increase our investment according to our strategic vision in anticipation of the [artificial superintelligence] era,” Wu said. 

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Alibaba shares surge after CEO unveils plans to boost AI spending

So-called ‘artificial superintelligence’ refers to AI that would hypothetically surpass the power and intelligence of the human brain, with the hypothetical benchmark becoming a growing focus of major AI companies. 

Alibaba also officially unveiled the latest version of its Qwen large language models — the Qwen3-Max — on Wednesday, along with a series of other updates to its suite of AI product offerings. 

Wu highlighted that Alibaba Cloud is strategically positioned as a “full-stack AI service provider,” delivering the computing power required for training and deploying large AI models on the cloud through its own data centers.

“The cumulative investment in global AI in the next five years will exceed $4 trillion, and this is the largest investment in computing power and research and development in history,” he added.

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Tether reportedly seeks lofty $500 billion valuation in capital raise

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Tether reportedly seeks lofty 0 billion valuation in capital raise

Venezuelan Bolivar and U.S. Dollar banknotes and representations of cryptocurrency Tether are seen in this illustration taken Sept. 8, 2025.

Dado Ruvic | Array

Tether, the issuer of the largest stablecoin, is planning to raise as much as $20 billion in a deal that could put the crypto company’s value on par with OpenAI, according to a report from Bloomberg News.

The crypto company is looking to raise between $15 billion and $20 billion in exchange for a roughly 3% stake through a private placement, the report said, citing two individuals familiar with the matter. The transaction would involve new equity rather than existing investors selling their stakes, the people told the news service.

The report said that one person close to the matter warned that the talks are in an early stage, which means that the eventual details, including the size of the offering, could change.

However, the deal could ultimately value Tether at around $500 billion, according to the report. That would mean the crypto giant’s valuation would rival some of the world’s biggest private companies, including SpaceX and OpenAI. OpenAI’s fundraising round earlier this year valued the tech company at $300 billion.

Tether, which was once accused of being a criminal’s “go-to cryptocurrency,” has been furthering its plans to return to the U.S. in recent months, given President Donald Trump’s pro-crypto stance. The company earlier this month named a CEO for its U.S. business and launched a new token for businesses and institutions in the U.S. called USAT, which will be regulated in the U.S. under the GENIUS Act.

Stablecoin USD Tether (USDT) is pegged to the U.S. dollar with a market cap that recently surpassed $172 billion. In second place is Tether rival Circle’s USDC stablecoin, which is worth about $74 billion.

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Micron beats on earnings as company sales rise 46% on AI boom

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Micron beats on earnings as company sales rise 46% on AI boom

A person walks by a sign for Micron Technology headquarters in San Jose, California, on June 25, 2025.

Justin Sullivan | Getty Images

Micron reported better-than-expected earnings and revenue on Tuesday as well as a robust forecast for the current quarter.

The stock rose in extended trading.

Here’s how the company did in comparison with the LSEG consensus:

  • Earnings per share: $3.03, adjusted, vs. $2.86 expected
  • Revenue: $11.32 billion vs. $11.22 billion expected

Micron said revenue in the current period, its fiscal first quarter, will be about $12.5 billion, versus the $11.94 billion average analyst estimate per LSEG.

The company said it had $3.2 billion, or $2.83 per share in net income, versus $887 million, or 79 cents in the year-ago period.

Micron shares have nearly doubled so far in 2025. The company makes memory and storage, which are important components for computers. Micron has been one of the winners of the artificial intelligence boom. That’s because high-end AI chips like those made by Nvidia require increasing amounts of high-tech memory called high-bandwidth memory, which Micron makes.

“As the only U.S.-based memory manufacturer, Micron is uniquely positioned to capitalize on the AI opportunity ahead,” Micron CEO Sanjay Mehrotra said in a statement.

Overall company revenue rose 46% on a year-over-year basis during the quarter.

Micron’s largest unit, which sells memory for cloud providers, reported $4.54 billion in sales during the quarter, more than tripling on a year-over-year basis.

However, the company’s core data center business unit saw sales decline 22% on an annual basis to $1.57 billion in revenue.

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