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Investing.com -- Unity Software (NYSE:U) shares fell 3.5% in pre-market trading Thursday after Meta Platforms (NASDAQ:META) revealed it would replace Unity with its own runtime engine for app development.
The announcement came during Meta’s Connect event where the company also unveiled its new $799 Meta Ray-Ban Display smart glasses featuring a built-in screen. These glasses can display text messages, video calls, turn-by-turn directions, and visual results from Meta’s AI service.
Bloomberg Intelligence analyst Mandeep Singh noted, "Meta’s AI glasses with a built-in display, controlled by a band that reads muscle signals, underlines the company’s focus on its own form factor for native deployments of its own LLM. While the use of its own runtime engine for app development, replacing Unity, was notable at Meta’s Connect event, we expect limited AI features powered by LLM to curb any near-term uptick in unit sales of AR glasses."
The move represents a significant shift for Meta, which previously utilized Unity’s technology for app development. Unity Software has been a major player in the development tools space, particularly for augmented and virtual reality applications.
Meta’s decision to develop its own runtime engine could potentially reduce its reliance on third-party development platforms like Unity, impacting Unity’s market position in the growing AR/VR space.
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