Warby Parker Inc. saw its stock price jump on Tuesday, closing at $29.09 per share, a gain of 9.44 percent. The increase followed reports of strong demand for artificial intelligence glasses affecting the market.
During trading, the stock reached as high as $30, approaching its 52-week peak of $31. This movement came after news that Meta Platforms and EssilorLuxottica are increasing production of their AI-powered glasses to meet demand by year's end.
Warby Parker is also preparing to introduce its own AI glasses in partnership with Google later this year. The glasses will feature multimodal AI technology and be available with both prescription and non-prescription lenses.
Under the agreement with Google, Warby Parker will handle design and development, while Google provides $75 million for product development. An additional $75 million investment from Google is possible if certain milestones are met.
Investment firm TD Cowen maintained a "buy" rating on Warby Parker and raised its price target by 8 percent, citing optimism about the AI glasses.