Meta Platforms (NASDAQ: META) is set to host its flagship annual product showcase, Meta Connect 2026, on September 23-24 local time (September 24-25 Beijing time). Having expanded Connect from a virtual reality-centric event into a broad platform covering artificial intelligence, augmented reality, smart glasses, and the metaverse, this year's gathering is poised to highlight the company's latest hardware offerings and AI strategic milestones. Based on available information, CEO Mark Zuckerberg will deliver the keynote at 7:00 AM Beijing time on September 24, with developer-focused programming following the next day.
This year, market watchers are zeroing in on next-generation smart glasses, a lightweight mixed reality device codenamed "Phoenix," and how Muse—Meta's recently launched personal AI agent—will integrate further into the wearable device ecosystem. Meanwhile, Meta's aggressive rollout of AI models and Muse's early traction are beginning to capture Wall Street's attention. Reports indicate that Wells Fargo has maintained an "Overweight" rating on Meta ahead of Connect, lifting its price target sharply from $640 to $796, implying roughly 19% upside from the previous close. The bank believes Meta's recent model releases and Muse's initial performance give the company "a story to tell" at this year's conference. At the time of writing, Meta shares were trading up over 6% at $708.
Expanding the smart glasses lineup: a "camera-free" variant emerges
Smart glasses are expected to remain the hardware centerpiece of this year's Meta Connect. A notable shift from prior strategy is that Meta is reportedly developing smart glasses without cameras. The product may come in two variants, adding more microphones to make voice interaction with the Meta AI assistant more seamless. Dropping the camera could deliver dual benefits. First, the glasses can become more compact, closer in form to standard eyewear. Second, it may help Meta ease long-standing privacy concerns surrounding smart glasses. Previously, some of Meta's camera-equipped glasses drew criticism when users tampered with the recording indicator LED or captured video without others' knowledge. Meta has recently tightened restrictions on such behaviors, and Chief Technology Officer Andrew Bosworth has indicated the company will address the issue further during Connect.
Separately, Ray-Ban has hinted at launching new Meta-branded eyewear, though it remains unclear whether this points to the camera-free version or a next-generation standard product. Reports also suggest Meta is developing a device internally codenamed "Hypernova 2," featuring displays on both lenses. If released, a binocular display could offer a far richer visual interface for smart glasses. However, there is no confirmation that this product will appear at Connect.
Project Phoenix: a lightweight mixed reality device may take the stage
Beyond smart glasses, Meta could showcase a novel form-factor mixed reality device—something rarely seen in recent years. The internal codename "Phoenix" has surfaced in recent HorizonOS updates, and leaked imagery suggests the device is considerably slimmer than traditional VR headsets, resembling a large set of goggles. The leaked images also show a tether, consistent with reports that Phoenix will connect via cable to a separate compute module. By moving some processing and battery components out of the headset itself, Meta could significantly reduce device weight.
Phoenix is also reported to support hand tracking and eye tracking, reducing reliance on traditional controllers. On the chip front, Phoenix might be among the first devices to adopt Qualcomm's Snapdragon Reality Elite processor, unveiled earlier this year and designed specifically for mixed reality hardware with an emphasis on slimmer designs. Should Phoenix launch, Meta may also update HorizonOS and showcase entertainment and immersive experiences tailored to the new device.
Muse takes the AI spotlight: from chatbot to task-executing agent
Compared with hardware, a core highlight of Connect may be Muse, the AI agent Meta has been heavily betting on. Launched on September 8, Muse is positioned as a personal AI agent. Unlike traditional chatbots that primarily answer questions, Muse focuses on directly executing tasks for users—such as sending emails, booking travel, and filling out forms—and can continue running certain tasks even when the app is closed. Muse is powered by the Muse Spark model, developed by Meta for agentic workloads, and is rolling out gradually across iOS, Android, muse.ai, and WhatsApp in the United States.
Zuckerberg has described Muse as a personal agent that understands user goals and persistently works on their behalf. Meta plans to keep most core features free while offering larger usage allowances to heavy users through a subscription model. This month, Meta also introduced Muse Spark 1.3, which enhances performance on long-running agent tasks and coding workloads. Notably, Meta has already stated that Muse support for AI glasses is on the way, so Connect may showcase how the agent and smart glasses combine. This pairing could also give the rumored camera-free glasses a clearer use case—even without visual input, users could converse with Muse via voice and delegate digital-world tasks to the agent.
Building a glasses app ecosystem: third-party developers as the key
Beyond embedding its own AI capabilities into glasses, Meta must address the limited number of third-party applications in the smart glasses ecosystem. At last year's Connect, Meta announced several apps would come to its camera glasses, but ecosystem expansion has been slow since. Earlier this year, the company began allowing developers to build dedicated apps for Meta Ray-Ban Display. Therefore, even without a major hardware refresh of display glasses this year, Meta may boost the platform's appeal by showcasing more third-party applications.
For Meta, this carries long-term strategic weight. If smart glasses gradually evolve from smartphone accessories into an independent computing platform, the ecosystem formed by developers, applications, and AI agents will become a decisive factor in platform competitiveness.
Holographic avatars may advance as metaverse strategy extends toward AR
Although AI has recently overshadowed the metaverse, Meta has not abandoned its investments in virtual reality and digital worlds. One potential technical highlight at this year's Connect is more realistic holographic avatars. Meta introduced this technology while demonstrating the Orion prototype two years ago and said it would eventually bring it to VR devices. Qualcomm, when detailing the Snapdragon Reality Elite XR chip platform, also listed "photorealistic avatars" as a key supported application. Additionally, reports suggest Bosworth's digital avatar could appear during the Connect keynote.
This technology aligns with Meta's recalibrated metaverse strategy. After significantly restructuring its Horizon Worlds VR business earlier this year, Bosworth emphasized that augmented reality remains part of Meta's broader definition of the metaverse. This suggests the metaverse's entry point may no longer be limited to traditional VR headsets, but will gradually extend to AR and everyday wearable glasses.
Wall Street focuses on Muse commercialization; Wells Fargo lifts target to $796
In the lead-up to Connect, Meta's rapid pace of AI product launches has become a key factor driving analysts to reassess the company. Wells Fargo reportedly maintains its "Overweight" rating on Meta while raising its price target from $640 to $796. The bank expects Connect's key focus areas to include Muse adoption metrics and progress on Meta's latest AI models. How much revenue Muse can ultimately generate has also become a topic of Wall Street debate.
Oppenheimer analyst Jason Helfstein estimates that if Meta aims to generate roughly $27.5 billion to $28 billion in annual AI agent revenue through a $20-per-month Muse subscription, it would need approximately 115 million paying subscribers. However, Helfstein is cautious about whether Muse can achieve that scale, citing concerns over paid conversion rates, AI market competition, and consumer trust. As such, these projections reflect Muse's potential revenue ceiling under large-scale commercialization rather than a baseline forecast.
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