DailyBrief: Apple's Vision Pro - Fab or Fad?; and is Jio eyeing Paytm wallet?
We decode the hype around Apple's Vision Pro headset. Meanwhile, unconfirmed reports say Mukesh Ambani's Jio Financial may be eyeing the Paytm wallet.
Please join our WhatsApp channel to get the newsletter directly on chat every evening. No spam, we promise!
Market Watch
Indian benchmark indices ended the day in the red, with the Sensex down 354.21 points at 71,731.42, and the Nifty down 82.10 points at 21,771.70.
Sectorally, Nifty Pharma, Nifty Healthcare, and Nifty Oil and Gas were the biggest gainers, while FMCG and Consumer Durables were the biggest laggards.
Is Apple’s Vision Pro another big nothing burger?
Apple’s Vision Pro became available on the market in the US on February 2, 2024, for a whopping $3,499. Days later, it has divided the internet with many including Avatar director James Cameron calling it a “revolution,” while others like Social Capital founder Chamath Palihapitiya think it’s just a fad.
What can it do? It is basically a spatial computing apparatus that can be worn on your face and controlled cusing a person's eyes, hands, and voice. But what makes it cool is that it packs in a whopping 23 million pixels of resolution providing an image with more clarity than 4k for each eye.
If you wear prescription glasses, Apple offers prescription ZEISS Optical Inserts that can be used with the Vision Pro for $99 to $149.
It can give you both an AR as well as VR experience, which is why there are a number of videos showing people wearing it on subway cars, while walking on the road, and even while driving (this is a recipe for disaster in our opinion).
It also supports apps like Microsoft 365, Word, Excel, and others which means it can be used for working on the go too.
That being said, it’s way too expensive for the common man, and fashion was definitely not a priority because it looks like this:
Fab or fad? The jury’s still out on this one, but one of the main drawbacks of the device is that it is technology-oriented and not user-driven. It has not really solved any problems that customers face, and its use cases are more niche than broad-based. At best it is a good technology demonstrator.
It is also bulky (it weighs between 600-650 gms) - which means a fall could do considerable damage, but most drop tests have found that the device is surprisingly durable. Its app ecosystem is still in its infancy, which limits the device’s utility in the short term.
Testimonials and criticisms: Director James Cameron says that his experience with Apple's Vision Pro "was religious. I was skeptical at first. I don't bow down before the great god of Apple, but I was really, really blown away... I think it's not evolutionary; it's revolutionary. And I'm speaking as someone who has worked in VR for 18 years."
Entrepreneur, angel investor, author and podcaster Jason Calacanis is more pessimistic, describing it as a “Try, oh my! goodbye” experience - meaning it is something that those who can afford it would buy and be enamoured with for a short while before shelving it and getting back to business as usual.
The bottom line: Until it becomes cheap enough, fast enough for the average user to experience, its reach will remain limited. Most users could also just wait for the next version (if this one is successful) which could be sleeker and easier to use (going by Apple’s usual upgrades to its tech.)
Clip du jour
This person driving a self—drive Tesla Cybertruck while fiddling on an Apple Vision Pro. The future is nigh?
Hi, I’m Gaurav Jeyaraman, the editor of this newsletter. We’d like to hear some feedback on our newsletter: what works and what doesn’t work? WhatsApp me directly and tell me what you think.
Is Jio eyeing Paytm’s wallet and payments bank businesses?
Yes, according to a few reports citing “insider sources”. Shares of Jio Financial Services surged up to 14% after the reports.
The details: One report citing “senior fintech and banking sector senior executives with knowledge of the matter,” says that HDFC and Jio Financial are among the forerunners for acquiring Paytm’s wallets business.
The report adds that Paytm has been in deal talks with Jio Financial Services since November last year. Another report says that “as part of a larger bailout plan,” Jio may offer to acquire Paytm Payments Bank.
Does Jio FInancial have the chops? Yes, Jio Financial owns Jio Payments Bank which has re-platformed to launch digital savings accounts, bill payments, and has also launched debit cards.
Paytm is the market leader with 330 million wallet accounts. Jio has barely made a dent in the payments bank space and acquiring Paytm’s wallet could give it a much-needed head start.
“With the risk of the payments bank license getting revoked, this could be a win-win for Jio Payments Bank, Paytm and the larger payments ecosystem as well,” one senior banking official reportedly said.
ICYMI
The Supreme Court of India expressed severe criticism towards the Returning Officer's conduct during the Chandigarh mayoral elections, describing it as a 'murder of democracy'.
Patanjali has presented an all-cash bid of Rs 830 crore to acquire defence-tech manufacturer Rolta India.
Hyundai Motor Co is considering listing its Indian subsidiary, Hyundai Motor India Ltd (HMIL), poised to potentially become India's largest IPO.
Taylor Swift made history, while Shankar Mahadevan, Zakir Hussain, and Rakesh Chaurasia also bagged awards at the Grammys.
Schbang, the digital agency behind Poonam Pandey's controversial fake death campaign, has issued an apology after her distasteful “awareness” campaign on cervical cancer.
Kashmiri cricket bat manufacturers have filed a lawsuit against Sony Pictures Networks and Tramboo Sports Pvt. Ltd for allegedly making false claims on Shark Tank India
Makhaya Ntini's son, Thando, has revealed shocking details about the racism his father faced while playing for the South African cricket team.