Snap's Spectacles cannot deliver meaningful commercial value within five years, making a funding partner essential to avoid years of cash burn. At best, they are a prototype, with zero chance of profitability in the next couple of years; the glasses will never sell at the scale needed to make a difference. Without a partner, Snap stock is dead money. Even so, Snap remains a good asymmetric bet on Evan Spiegel changing course, with little downside from here if he does not. x.com  x.com  x.com  x.com 

Snap's smart glasses will likely only hurt its core business. Unlike Meta, Snap cannot afford to invest billions in bets that may never pay off, and Meta should end up with a near-monopoly on smart glasses. x.com 

Snap has been treated like an ATM by CEO Evan Spiegel, with no operating income a decade after going public. Its Specs glasses are unlikely to sell at meaningful scale for $2,200 each, and Snap badly needs executives capable of saying no to clearly horrible ideas. x.com  x.com  x.com 

EssilorLuxottica should ride the Muse wave as well as anyone once it is integrated into the glasses form factor, which is obviously coming, yet the stock is ignoring it. Its valuation has come down from absurd to totally reasonable on a great business and is probably heading back to a premium. x.com 

Snap is a weak company because of CEO Evan Spiegel's product judgment. Its new Specs AR glasses, shown publicly for the first time, look so unappealing that they may be the first product ever to launch and not sell a single unit. x.com  x.com 

Goertek should be one of the winners as smart glasses near mass adoption, supplying assembly, optics and components. Meta's upcoming glasses, due spring 2027, are a considerable step toward consumer adoption because they solve the clunkiness of earlier headsets, bringing the category close to the early-majority stage of the S-curve. These glasses should eventually be as big as the smartphone market. x.com 

Meta and Apple are in a long-term race to build practical VR glasses that could break the iPhone's two-decade stranglehold in the 2030s. Meta started light and comfortable but must add orders of magnitude more power; Apple started with the powerful but bulky Vision Pro, essentially a prototype, and must shrink it. They may meet in the middle in the early 2030s. Meta's new glasses are a big leap forward, but this is still the first inning, and owning both makes sense. x.com  x.com  x.com 

Meta's VR glasses have just killed Snap's Spectacles, leaving anyone long Snap on the wrong side. x.com 

Snap is undervalued, but management burning $4B+ on Specs is the biggest problem. At $2,000+ a pair, Specs are unlikely to go mass market: even 20M pairs, $40B of revenue and $10B of profit would be only a 150% ROI over 12 years, with under 1% odds of happening. Most shareholders would rather see $12-15B of revenue at 40% EBITDA margins with fewer employees and less dilution; Meta built a $1 trillion company on apps before spending on hardware. x.com  x.com  x.com  x.com 

Snap is uninvestable because nobody is going to wear its new smart glasses. A quoted post notes the stock has fallen for five straight years and the company is now trying to sell $2,500 goggles. x.com  x.com