<span class="HighlightShare-hidden"></span><div id="RegularArticle-RelatedQuotes"><div><div><p>In this article</p></div><ul><li>DGX<span class="AddToWatchlistButton-watchlistContainer" id="RegularArticle-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"></span></span></li></ul></div><div><span class="CreateFreeAccountButton-buttonText"><span>Follow your favorite stocks</span><span class="CreateFreeAccountButton-buttonTextBold">CREATE FREE ACCOUNT</span></span></div></div><div id="ArticleBody-InlineImage-107121537"><div><div><div></div></div><div><div>Meta CEO Mark Zuckerberg demonstrates an Oculus Rift virtual reality (VR) headset and Oculus Touch controllers during the Oculus Connect 3 event in San Jose, California, U.S., on Thursday, Oct. 6, 2016.</div><div>David Paul Morris | Bloomberg | Getty Images</div></div></div></div><div><p>Meta CEO Mark Zuckerberg teased his company's latest virtual reality headset, the Quest 3, on Thursday.</p><p>The Quest 3 is the successor to Meta's Quest 2 headset, which was released in the fall of 2020 at a starting price of $299. The new model will cost $499 and will launch sometime this fall. It appears to have at least three cameras on the front that may improve some of the pass-through experiences, where a user can see the real world around them while wearing the headset and interacting with apps.</p><div></div><p>Apple is expected to debut its competing VR headset next week as part of the company's June WWDC event. The iPhone-maker's consumer headset, which could also incorporate augmented reality technologies, will reportedly work with hundreds of thousands of iPad apps and cost at least $3,000.</p><p>Meta first announced that it would debut the Quest 3 this year as part of the company's third-quarter 2022 earnings when it said that the company's cost of revenue would grow in part because of &#34;Reality Labs hardware costs driven by the launch of our next generation of our consumer Quest headset later next year.&#34;</p><p>Meta continues to be spending heavily in the metaverse, the yet-to-be-developed digital universe that requires virtual reality and augmented reality technologies to access.</p><p>The company's Reality Labs unit, which is developing VR and AR technologies, recorded an operating loss of $3.99 billion in the company's first quarter while generating $339 million in revenue.</p><p>In July 2022, Meta raised the price of the entry-level Quest 2 from $299 to $399, citing a rise in the costs to manufacture and ship the device.</p><div></div><p>Last October, Meta debuted its Quest Pro VR headset intended for businesses as opposed to consumers. Although the Quest Pro initially sold for $1,499.99, Meta lowered the price of the device to $999.99 in March while also dropping the price of a more expensive version of the Quest 2 headset with extra storage from $499.99 to $429.99.</p><p>Research group NPD Group told CNBC last December that sales of VR headsets in the U.S. declined 2% in 2022 from a year earlier to $1.1 billion, indicating that the immersive technology is still far away from being a mainstream consumer electronics hit.</p><p><strong>Watch</strong>: From a three-year timeframe Nvidia is unstoppable</p></div><div><div id="Placeholder-ArticleBody-Video-107246028"><div id="InlineVideo-0"><div><div><img src="https://imageproxy.pbkrs.com/https://image.cnbcfm.com/api/v1/image/107246029-16849410561684941052-29593697402-1080pnbcnews.jpg/query-aD00MjImdj0xNjg0OTQzMTk3JnZ0Y3JvcD15Jnc9NzUw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Nvidia looks unstoppable over next three years, says Breyer Capital's Jim Breyer" width="750" height="422" original-src="https://imageproxy.pbkrs.com/https://image.cnbcfm.com/api/v1/image/107246029-16849410561684941052-29593697402-1080pnbcnews.jpg/query-aD00MjImdj0xNjg0OTQzMTk3JnZ0Y3JvcD15Jnc9NzUw"/><span class="InlineVideo-videoButton"></span><span><div><div><span class="PlayButton-flyout">watch now</span><span class="icon-play-triangle PlayButton-icon"></span></div></div></span></div><div><div><span class="InlineVideo-videoLabel">VIDEO</span><span class="InlineVideo-videoDurationWithLeading0">4:42</span><span class="InlineVideo-videoDuration InlineVideo-videoLabel">04:42</span></div><div>Nvidia looks unstoppable over next three years, says Breyer Capital's Jim Breyer</div><div>Squawk on the Street</div></div></div></div><div></div></div></div><div id="ArticleBody-MobileAdhesion"></div>

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<p>The Meta Quest 3 is the successor to the Quest 2 headset that was released in the fall of 2020 at a starting price of $299.</p>

Zuckerberg unveils Meta's newest VR headset days before Apple reveals its own