AI Summary
5 min readSnap’s AR Glasses Flop, the Fed Holds Firm, and AI’s Investing Future
Snap’s stock fell nearly 8% on June 18 after the company unveiled its new augmented reality glasses, the Snap Specs, priced at $2,195 — more than double the cost of Meta’s Ray-Ban display glasses. CEO Evan Spiegel called the launch a “crucible moment” and described the product as “the computer of the future,” but Wall Street was unimpressed. The stock is now down 40% over the past year and has fallen more than 90% in five years, making Snap less valuable than Domino’s Pizza and roughly as valuable as Gap. The episode also covered the Federal Reserve’s first unanimous decision of the year under Chair Kevin Walsh, and a discussion with an AI researcher about how large language models are finally making machine learning viable for long-term investing.
Snap’s “Crucible Moment” Falls Flat
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What you'll learn
- 1 (02:54) **Snap's "Crucible Moment" Flops on Wall Street** - Snap unveils its new augmented reality glasses, the Snap Specs, priced at $2,195, and the stock drops nearly 8%.
- 2 (03:37) **Interview: Mark Gurman on Snap Specs** - Bloomberg's Mark Gurman discusses the technology, price, and market reaction to the new AR glasses.
- 3 (08:03) **The "Crucible Moment" and Evan Spiegel's Vision** - Discussion of the tweet criticizing Spiegel's commitment to the product and the broader investor concern.
- 4 (10:00) **Snap's Viable Way Out** - Gurman outlines a potential path forward for Snap if the hardware fails.
- 5 (13:37) **Fed Holds Rates Steady in Unanimous Decision** - The Federal Reserve, under Chair Kevin Walsh, holds rates steady for the fourth consecutive meeting, with a unanimous vote for the first time this year.
- 6 (14:18) **Interview: Mark Zandi on the Fed's Hawkish Stance** - Moody's Chief Economist Mark Zandi discusses the Fed's decision and the hawkish tone from Chair Walsh.
- 7 (18:11) **Iran Deal and Fed's View on Inflation** - Discussion on whether the Fed's decision provides insight into the potential Iran deal and its impact on inflation.
+ Full timestamped outline available in the app
Guests on this episode
Show Notes
Ed Elson is joined by Mark Gurman to discuss what investors thought about Snap's new AR Specs and what the launch says about the company's future. Then, Mark Zandi breaks down the Fed's latest interest rate decision and whether a rate hike is still on the table this year. Later, Vasant Dhar joins the show to explore what role AI should play in investing. Finally, Ed explains why he believes Snap's latest bet could be the final nail in the coffin for the company.
Mark Gurman is the Managing Editor and Chief Correspondent for Bloomberg News. Mark Zandi, Chief Economist at Moody's Analytics. Vasant Dhar is a professor at NYU Stern, founder of SCT Capital Management and author of Thinking With Machines.
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