AI Glasses Stock Plummets… Market Cap Drops by $230 Million in a Day as Hopes Fade

On January 28, Warby Parker Inc. (WRBY) saw its share price tumble 7.02% to close at $25.37 on the New York Stock Exchange, with roughly 1.46 million shares changing hands.

The company’s market capitalization now stands at about $2.68 billion (approximately ₩3.4–3.5 trillion), erasing nearly $180 million in value (around ₩230 billion) in a single session.

The sell-off followed a note from securities firm William Blair warning that the Google partnership on AI-powered eyewear is unlikely to make a significant contribution to Warby Parker’s results by 2026, suggesting that market expectations may have been overly optimistic.

Just last month, buoyed by enthusiasm for its collaboration with Google, Warby Parker shares hit a 52-week high of $29.75. The recent slide reflects a short-term correction as reality catches up with elevated expectations.

Founded as an online direct-to-consumer retailer, Warby Parker now operates about 300 stores across North America, selling eyeglasses and contact lenses and generating annual revenues near $800 million (over ₩1 trillion).

The company is jointly developing AI-based smart glasses with Google, targeting a post-2025 launch. This marquee project combines Warby Parker’s design expertise with Google’s AI and extended reality technologies to break into the wearable market.