Facebook parent also showcases AI assistants for social apps, new Ray-Ban smart glasses
3 min
Facebook parent Meta Platforms on Wednesday announced the release date of its coming Quest 3 mixed-reality headset and new Ray-Ban smart glasses along with a bevy of AI assistants for its social apps.
“The limits of your physical space are going to be able to expand,” Meta CEO Mark Zuckerberg said when announcing the new products. “You’re going to be able to be a part of much larger worlds.”
The company is hoping the devices will jump-start its push to bring users into the so-called metaverse, an effort on which it has spent billions of dollars and seen limited returns. Apple is set to release its Vision Pro headset in 2024, years after Zuckerberg renamed the company in an attempt to focus on what he’s said may be the next emerging computing platform.
The Quest 3 will place an emphasis on the ability for users to work or play in apps that overlay virtual objects within users’ physical spaces, Zuckerberg said. The headset will begin shipping to users on Oct. 10, with preorders for the $499 device starting on Wednesday. Zuckerberg said the device will place emphasis on the ability for users to work or play in apps that project virtual objects within users’ physical spaces.
Zuckerberg said the company designed the device to have the “world’s best immersive content library.” As part of the presentation, Zuckerberg showed a demonstration of a Lego game and announced that Meta has joined with Microsoft to bring Xbox Cloud Gaming to the device in December. Additionally, Microsoft 365 will come to the Quest by the end of the year, Zuckerberg said.
The Quest 3 “is going to be the best value spatial computing headset on the market for a long time to come,” said Meta Chief Technology Officer Andrew Bosworth, adding that the device features no wires or a battery pack, a shot at Apple’s Vision Pro device. That headset will cost $3,499.
Meta will also release the second generation of its Ray-Ban smart glasses on Oct. 17 for $299. The Wall Street Journal had previously reported that the devices would arrive as soon as this fall.
The second generation Ray-Ban smart glasses will allow users to livestream their perspective to their followers. The new smart glasses will include a 36-hour battery life and will be available in more Ray-Ban models than its predecessor.
The device will also come equipped with Meta AI, an artificial-intelligence assistant announced by Zuckerberg on Wednesday. Users will also be able to point at objects or landmarks they are looking at and ask Meta AI for information about it.
“Smart glasses are the ideal form factor to let an AI assistant see what you’re seeing and hear what you’re hearing,” Zuckerberg said.
Meta AI is built on the company’s Llama 2 large-language model and is a general purpose AI assistant that can answer user questions within Messenger, WhatsApp and Instagram. Meta AI will be able to provide users with real-time information through a partnership with Microsoft Bing, Zuckerberg said.
Additionally, Meta announced that it will also release 28 AI chatbots that users will be able to interact with. Meta joined with a number of celebrities, including Tom Brady, Paris Hilton and Snoop Dogg, whose faces provide facial expressions as users interact with the chatbots. The Journal had previously reported that Meta would release AI chatbots with personalities.
“This is our first effort at training a bunch of AIs that are a bit more fun,” Zuckerberg said, adding that they will have a number of limitations that will become apparent to users.
Zuckerberg said the AI chatbots will be released in a limited beta mode on Wednesday.
In addition to the chatbots, Zuckerberg announced EMU, an AI model capable of taking users’ text prompts and turning them into images within five seconds. EMU, which won’t be open sourced, will be integrated within Meta AI and will roll out to English-speaking users over the next month, starting on Wednesday. The image-generating model will allow users to create custom stickers they can send to friends, and it will also allow users to edit their images on Instagram next month, Zuckerberg said.
—Meghan Bobrowsky contributed to this article.
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Report by the San Francisco Fed shows small increase in premiums for properties further away from the sites of recent fires
3 min
Wildfires in California have grown more frequent and more catastrophic in recent years, and that’s beginning to reflect in home values, according to a report by the San Francisco Fed released Monday.
The effect on home values has grown over time, and does not appear to be offset by access to insurance. However, “being farther from past fires is associated with a boost in home value of about 2% for homes of average value,” the report said.
In the decade between 2010 and 2020, wildfires lashed 715,000 acres per year on average in California, 81% more than the 1990s. At the same time, the fires destroyed more than 10 times as many structures, with over 4,000 per year damaged by fire in the 2010s, compared with 355 in the 1990s, according to data from the United States Department of Agriculture cited by the report.
That was due in part to a number of particularly large and destructive fires in 2017 and 2018, such as the Camp and Tubbs fires, as well the number of homes built in areas vulnerable to wildfires, per the USDA account.
The Camp fire in 2018 was the most damaging in California by a wide margin, destroying over 18,000 structures, though it wasn’t even in the top 20 of the state’s largest fires by acreage. The Mendocino Complex fire earlier that same year was the largest ever at the time, in terms of area, but has since been eclipsed by even larger fires in 2020 and 2021.
As the threat of wildfires becomes more prevalent, the downward effect on home values has increased. The study compared how wildfires impacted home values before and after 2017, and found that in the latter period studied—from 2018 and 2021—homes farther from a recent wildfire earned a premium of roughly $15,000 to $20,000 over similar homes, about $10,000 more than prior to 2017.
The effect was especially pronounced in the mountainous areas around Los Angeles and the Sierra Nevada mountains, since they were closer to where wildfires burned, per the report.
The study also checked whether insurance was enough to offset the hit to values, but found its effect negligible. That was true for both public and private insurance options, even though private options provide broader coverage than the state’s FAIR Plan, which acts as an insurer of last resort and provides coverage for the structure only, not its contents or other types of damages covered by typical homeowners insurance.
“While having insurance can help mitigate some of the costs associated with fire episodes, our results suggest that insurance does little to improve the adverse effects on property values,” the report said.
While wildfires affect homes across the spectrum of values, many luxury homes in California tend to be located in areas particularly vulnerable to the threat of fire.
“From my experience, the high-end homes tend to be up in the hills,” said Ari Weintrub, a real estate agent with Sotheby’s in Los Angeles. “It’s up and removed from down below.”
That puts them in exposed, vegetated areas where brush or forest fires are a hazard, he said.
While the effect of wildfire risk on home values is minimal for now, it could grow over time, the report warns. “This pattern may become stronger in years to come if residential construction continues to expand into areas with higher fire risk and if trends in wildfire severity continue.”
