Meta's Meteoric 162% Surge - A Remarkable Rise This Year As Competition Heats Up With Apple

• Following the launch of the Quest 3 VR headset, Meta is in the early stages of planning its successor to compete with Apple's Vision Pro.
• Meta's financial trajectory remains strong, with a notable 162% increase this year and a recent 7% gain for October.

After Meta Platforms Inc's (NASDAQ: META) recent Quest 3 VR headset launch, the tech giant is already in the early stages of planning its successor.

Interestingly, the company is taking cues from Apple's Vision Pro, highlighting the fierce competition and drive for innovation in the VR industry.

Meta has historically been associated with the metaverse, a virtual shared space combining enhanced physical reality with persistent virtual reality.

However, recent strategic changes suggest a shift in the company's focus. Instead of solely focusing on the metaverse, they are now highlighting the practical applications of its VR headset.

This includes its potential in gaming and productivity, areas where VR is yet to reach its full potential.

The change in direction can be seen as a direct response to Apple's marketing strategy for the Vision Pro.

With its user-centric approach, Apple has always emphasized the practical and everyday uses of its products.

Meta, on the other hand, seems to be aligning its strategy more closely with Apple's, signaling its intent to make VR technology more mainstream and accessible to a broader audience. 

The competition with Apple is intense, but Meta's financial health, especially its stock performance, is certainly reassuring for stakeholders. 

Just this year, the company's stock has soared by an impressive 162%. If this momentum continues, the gains could potentially be even higher by year-end.

Like others in the tech sector, Meta's stock has experienced its fair share of ups and downs.

A significant correction was observed in late July, resulting in a 16% dip in the stock price. This decline may have grabbed the attention of investors, leaving them questioning how deep this correction would fall.

But in the unpredictable world of stocks, what goes down often finds its way back up.

The stock found support at $274 and has since bounced up by 17%.

For those closely monitoring the stock market, a noteworthy milestone to keep an eye on for Meta's stock is the previous peak before the recent decline, which sits at $326.

If the stock manages to surpass this level, it could set the stage for a rally towards the next resistance point, which happens to be the 2022 high at $343.

As of October, Meta's stock performance has remained robust, with a gain of 7% so far.

After the closing bell on Tuesday, October 10, the stock closed at $321.84 trading up by 1.09%.