Meta's stock rose nearly 2%, with reports indicating that the company is investing $3.5 billion to expand its AI smart eyewear business.

Meta rose nearly 2% on Wednesday to $734.34. On July 9, sources revealed that Meta spent 3 billion euros to acquire about 3% of the shares of EssilorLuxottica, the parent company of Ray-Ban glasses, to expand its AI smart glasses business. Sources also disclosed that Meta is considering further increasing its stake to around 5% in the future, but this plan may still change. Meta's CEO Zuckerberg has said that smart glasses will be a key platform for the company to develop artificial intelligence and immersive experiences.