Hey everyone, it’s Mark. After spending a week with Meta’s new display-embedded smart glasses, I’m convinced that Apple made the right call pivoting from the so-called Vision Air to spectacles. Also: The company begins reshuffling its executive team, and its latest product launch is imminent. 

Last week in Power On: Apple puts hardware chief John Ternus in the succession spotlight.

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The Starters

The Meta Ray-Ban Display AI glasses. Photographer: David Paul Morris/Bloomberg

Apple Inc. may be one of the world’s richest companies, with tens of thousands of engineers, unmatched manufacturing capabilities and more cash than it knows what to do with. But even Apple doesn’t do everything at once.

That helps explain why the company is scaling back plans for a cheaper and lighter Vision headset to focus instead on smart glasses — a move that’s left some observers puzzled. How could a company with Apple’s vast resources struggle to develop both a mixed-reality headset and next-generation glasses, especially when rivals like Meta Platforms Inc. manage to do so?

The answer lies in Apple’s DNA. Despite its immense wealth, Apple is disciplined and selective — even frugal. It doesn’t invest heavily in products that...

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