I believe—and I doubt anyone would disagree—that Apple could build the best Meta Ray-Ban–like smart glasses on the market. Yet its decision-making in this area has been surprisingly slow. Putting AI aside for a moment, this category could cannibalize at least some AirPods demand, directly impacting Apple’s hardware business. Still, the company has remained conspicuously inactive.

Apple has historically excelled at creating entirely new product categories and courageously cannibalizing its own products. To describe an Apple product as "Ray-Ban-like smart glasses" seems almost like an insult to a company of Apple's stature. Yet ironically, this remains the most objective way to describe the current state of the industry.

But better late than never. Moreover, Apple's renewed push for hardware innovation is undoubtedly good news for the supply chain.