The Rundown: Deep Dive – Did Meta Just Have its iPhone Moment?
Date: September 20, 2025
Host: Zaid Admani
Podcast: The Rundown by Public.com
Overview
This episode dives into Meta’s latest product announcement: the Meta Ray-Ban Display smart glasses featuring a built-in display and a neural wristband interface. Host Zaid Admani examines whether this could be a groundbreaking “iPhone moment” for Meta or just another step in Zuckerberg’s ongoing quest to define the future past smartphones. The episode explores why Meta is heavily investing in augmented reality (AR), reviews the broader competitive landscape, and discusses the significant business and practical challenges ahead.
Meta’s New Smart Glasses: The Announcement
[00:10-02:15]
- Product Reveal:
Mark Zuckerberg unveiled the Meta Ray-Ban Display smart glasses—the next evolution of Meta’s glasses lineup. - Features:
- Built-in display in one lens, offering notifications, texts, video calls, navigation, and more.
- Introduction of the "neural band" wrist device: interprets subtle hand gestures to control the glasses, claimed as the “world’s first mainstream neural interface.”
- Cost: $799 (likely sold at a loss to encourage adoption).
- Live Demo Hiccup:
During the keynote, Zuckerberg experienced a failed call demo on stage—a moment Zaid likens to classic Apple keynotes, stating,"I like the fact that Meta was doing a live demo in the first place. It kind of gave me like Apple vibes from the Steve Jobs era." ([02:04])
The Business Rationale: Why Is Meta Betting on Smart Glasses?
[02:15-05:45]
- Meta’s Hardware Obsession:
Zuckerberg has pushed for Meta to own its hardware stack for over a decade, aiming to avoid dependency on Apple/Google after incidents like Apple’s 2021 privacy changes that hurt Meta’s business. - Long-Term Investment:
Meta has spent upwards of $70B on "Reality Labs" since 2019, funded by its profitable ads business."Since 2019, Meta's Reality Labs division has racked up $70 billion in cumulative losses." ([04:36])
- Mixed Track Record:
VR headsets are technically impressive but have limited mainstream adoption.- "People just don't want to wear a giant device on their face."
- Smart Glasses Appeal:
Zaid personally uses the 2023 Meta Ray-Bans for video/photo capture and finds them more immersive.- “It kind of keeps you more in the moment, you know.” ([05:04])
- The addition of a display could make them a true step forward.
The Tech Landscape: Who Else Is Racing for Your Face?
[05:45-08:30]
- Apple:
- Developing smart glasses with a rumored 2026 release.
- Advantage: Deep integration with its hardware ecosystem, but previous flops like Vision Pro cast doubt.
- Concern: “Like, I'm kind of concerned that Siri is going to be powering these things, you know.” ([07:12])
- Google:
- Original Google Glass in 2012 flopped due to design and cost.
- Now partnering with Warby Parker and leveraging Gemini AI models.
- OpenAI:
- Acquired Jony Ive’s startup; speculation on ChatGPT-powered glasses.
- “Honestly, the idea of smart glasses being powered by ChatGPT does sound pretty good.” ([08:05])
- Snap:
- Early with Snapchat Spectacles; still iterating but not mainstream success.
- “But hey, Snap is trying though.” ([08:20])
Meta’s Hardware Challenges: Supply Chain & Production Hurdles
[08:30-10:10]
- Supply Chain Reliance:
- Meta relies heavily on Chinese manufacturer Goertek for production.
- Goertek expanding dominance and previously released knockoff headsets.
- Meta is at a disadvantage compared to Apple’s decades of supply chain experience.
"Making physical stuff is way different, and they're running into problems like the deep dependency on Chinese manufacturing." ([09:16])
The Big Picture – Is This Really the iPhone Moment?
[10:10-12:05]
- Opportunity:
- Meta could cash in massively if their glasses gain widespread adoption—think targeted advertising on displays and independence from Apple/Google.
- “If millions of people start walking around with Meta glasses on their face, imagine all the ads that Meta can sell on that display right in your vision.” ([10:41])
- Obstacles:
- Smartphones are nearly perfect devices—hard for any new hardware to fully replace them.
- Privacy and social acceptance concerns:
“Are people going to call out other people for wearing these smart glasses?” ([11:37])
- Zaid’s Takeaway:
Despite doubts about mass adoption, Zaid admires Meta’s ambition:“Whether this becomes Zuck's iPhone moment or just another niche tech product, I'm just glad that he's taking the shot.” ([11:53])
Notable Quotes & Moments
- On the Live Demo:
“I like the fact that Meta was doing a live demo in the first place. It kind of gave me like Apple vibes from the Steve Jobs era.” ([02:04]) - On Hardware Ambition:
“Zuck is taking all the money that he makes from ads on Facebook and Instagram and pouring that into this Metaverse side project.” ([04:00]) - On Privacy/Social Challenge:
“How is society going to embrace this kind of tech? Are people going to call out other people for wearing these smart glasses?” ([11:37]) - On the Industry Race:
“Overall, it's clear that every big tech company wants to put a computer on our face. And right now Meta seems to be in the lead…” ([08:24]) - Personal Reflection:
“I don't know if I want a screen sitting on my face at all times.” ([12:03])
Key Timestamps
- 00:10 – Meta Ray-Ban Display reveal breakdown
- 02:04 – Live keynote demo and Apple comparison
- 04:36 – Meta’s $70B spend and rationale
- 05:04 – Personal experience with prior Meta Ray-Bans
- 05:45 – Shift to competitive landscape
- 08:30 – Meta’s hardware and supply chain hurdles
- 10:41 – Monetization opportunity and independence goal
- 11:37 – Societal/privacy hurdles
- 11:53 – Final reflection on Meta’s ambition
Conclusion
Zaid Admani delivers a concise yet deep rundown of Meta’s push into AR glasses, examining both the promise and practical hurdles ahead. While only time will tell if this launch is truly Meta’s “iPhone moment,” the episode offers rich context for investors and tech enthusiasts to understand why so much is staked on putting a tiny computer on your face.