In a July earnings call for Apple, Cook said:
Piper Jaffray analyst Gene Munster noted the company spent more money on research and development than it has earned back for the last few quarters, suggesting Apple is developing self-driving cars as well as virtual and augmented reality.
Apple isn’t the only major company to hop on the trend; Microsoft, Facebook and Google are all likely to put out reality-warping gadgets in the future.
Cook cited the runaway success of Pokemon Go as a reason for investing in virtual and augmented reality. He said he wanted to make sure the iPhone was able to support this technology.
Of the iPhone, Cook said:
If Apple collects its standard 30% of earnings from Pokemon Go, as it usually does with apps sold from its App Store, it could generate as much as $3 billion in profit over the next few years.
With industry technology juggernauts investing in the technology, Munster firmly believes Pokemon Go is just the beginning:
It’s a virtual race now to see which companies can put out the best VR and AR machines. Either way, Cook’s confidence is a testament that VR’s market impact is just getting started.
