Snap Inc. is working hard to become a leader in the consumer artificial intelligence assistant space, but the Snapchat parent still has obstacles ahead.
Snap has introduced SPECS Intelligence, an AI service that will work on the company's smart glasses as well as iPhones and Mac computers. SPECS Intelligence will be able to connect to a user's personal information by accessing emails, calendars, and more. The AI assistant will then be able to use information from those sources to help the user navigate their day-to-day.
"Before a meeting, it could highlight decisions to make, questions to ask, and things to remember. For an upcoming trip, it could bring together flight, hotel, and dinner plans while flagging a work deadline that falls during the visit," Snap said in its press release.
Users can join a waitlist for early access for SPECS Intelligence. An expected release date for the broader rollout of the AI assistant has not been announced, and a Snap spokesperson told Barron's the company is not sharing a timeline yet.
Making SPECS Intelligence accessible for people who don't own the Specs smart glasses was a smart move for the company, since it will give more people an opportunity to try out the tech, especially as Specs glasses are available for preorder starting at $2,195. Barron's has previously reported that Snap will face hurdles when trying to sell these glasses due to their high price, four-hour battery life, and bulky size.
The spokesperson said that the glasses are large because the company is putting a full computer into the frames. The spokesperson also acknowledged the glasses are a significant purchase, but said the initial audience will likely be people who are passionate about technology and want to experience what's next in computing.
It is also a widely shared belief on Wall Street that the next big winner in consumer tech will be the company that can produce the most advanced AI assistant. Whether that's on a smartphone, smart glasses, or another personal device, tech companies are racing to excel in that area.
That means competition is fierce.
"On the heels of Meta's Muse launch, SNAP's throwing its hat into the agentic assistant ring where things look increasingly crowded," RBC Capital Markets analyst Brad Erickson wrote. Muse is the consumer AI agent launched by Meta Platforms last week. Other consumer AI consumer challengers include the recently launched AI-powered Siri from Apple and Google Personal Intelligence.
Snap's spokesperson said SPECS Intelligence will stand out from competitors because it can work proactively using personal context provided by users, unlike existing chatbots that typically wait for users to initiate an interaction.
Snap stock is down 26% this year. Wall Street is grappling not only with the ongoing competition in the personal AI space, but also with concerns about Snapchat's user growth. But investors appeared pleased with the AI assistant announcement despite those challenges. Snap stock was up 4.2% to $5.96 on Thursday.
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