How to Invest in Metaverse, VR and AR
Short answer
You can invest in the metaverse, VR, and AR by buying the individual stocks that fit the thesis (META, AAPL, NVDA, U...), holding an ETF proxy like METV, or building a focused metaverse basket in Walnut. The headset and device makers (Meta, Apple) sit alongside the chips and GPUs that render immersive worlds (Nvidia, Qualcomm), the engines and platforms where those worlds get built (Unity, Roblox), and the content and AR social layers (Snap). Large-cap names give you diffuse, optional exposure as one line of business among many, while the pure-plays move much more directly with metaverse adoption. A Walnut basket lets you hold a chosen group of these names at target weights and track them together.
What is the metaverse, VR, and AR theme?
The metaverse refers to persistent, shared 3D environments people enter through immersive devices, while VR (virtual reality) replaces what you see with a fully digital world and AR (augmented reality) overlays digital content onto the real one. As an investment theme it groups the companies across that stack: the headset and smart-glasses makers, the semiconductors and GPUs that render the graphics, the game engines and developer platforms used to build experiences, and the content, social spaces, and advertising that run inside them. The theme blends a handful of mega-cap technology firms making long-dated bets with a smaller set of pure-plays whose businesses are tied more directly to immersive adoption.
How do metaverse companies make money?
Revenue models vary widely across the stack. Hardware makers sell headsets, glasses, and the components inside them, though several have been selling devices at thin or negative margins to seed adoption. Chip and GPU companies earn from the processors and graphics silicon that power rendering and on-device computing. Engine and platform companies like Unity and Roblox monetize through developer subscriptions, revenue shares on in-experience purchases, and advertising. Social and content players such as Snap layer AR features onto advertising businesses. For the large caps, metaverse-related lines are usually small relative to their core advertising, devices, or data-center revenue.
Is the metaverse theme still relevant after the AI shift?
The category looks very different than it did at the peak of the hype. Meta's Reality Labs has accumulated roughly $90 billion in cumulative operating losses, lost about $19 billion in 2025, and the company has cut staff and reframed its priorities toward AI infrastructure and AI-powered smart glasses. Apple has reportedly scaled back Vision Pro after weak sales. The framing across the industry has moved from immersive VR worlds toward AR glasses and AI wearables as the more practical next interface. The theme remains investable, but much of its future now overlaps with AI hardware and on-device intelligence rather than standalone virtual worlds.
What gets a stock into the Metaverse, VR and AR theme?
Stocks included here generate revenue from, or have made material strategic bets on, immersive computing: VR and AR headsets and smart glasses, the semiconductors and graphics hardware that power them, the 3D engines and developer platforms used to build virtual experiences, and the games, social spaces, and advertising that run inside them. The mix is intentionally broad because no single pure-play dominates the category.
What stocks are in the Metaverse, VR and AR theme?
Every public name that fits the Metaverse, VR and AR thesis, with the rationale for inclusion. Click any ticker for the full stock guide. The basket above starts equal-weighted; you set your own target weights inside Walnut.
The largest dedicated bet on the metaverse: its Reality Labs division builds Quest VR headsets and Ray-Ban smart glasses, though it has absorbed roughly $90 billion in cumulative losses and is now reorienting toward AI wearables.
Maker of the Vision Pro mixed-reality headset and a long-rumored entrant in AR smart glasses; the metaverse is a small, optional line inside its much larger devices and services business.
Its GPUs render the graphics behind immersive worlds and power the Omniverse platform for building 3D and digital-twin environments, making it core infrastructure for the theme.
Alphabet brings AR research, Android XR software for headsets and glasses, and a renewed smart-glasses push, giving diffuse exposure alongside its dominant advertising and cloud businesses.
Its Snapdragon XR chips power a large share of standalone VR and AR headsets, making it a key semiconductor supplier to the device makers across the category.
Unity's real-time 3D engine is one of the most widely used tools for building VR, AR, and metaverse experiences, making it a closer pure-play on immersive content creation.
Roblox operates one of the largest user-generated virtual-world platforms, often cited as a working consumer metaverse, with revenue from in-experience purchases and developer activity.
Snap is a leading AR pure-play through its camera lenses, Spectacles AR glasses, and developer tools, tying immersive features directly to its advertising business.
How to invest in Metaverse, VR and AR
There are a few common ways people get exposure. Large-cap optionality names like Meta and Apple give you a stake in the theme as one bet inside a much bigger business, so the metaverse line rarely moves the stock on its own but the downside is cushioned by the rest of the company. Pure-plays like Unity and Roblox track the theme far more directly: they rise and fall more sharply with immersive adoption and carry more company-specific risk. An ETF proxy such as METV bundles dozens of metaverse-linked names into a single ticker for diversified, hands-off exposure. Each route trades off concentration against diffusion.
In Walnut you can build a focused basket of the names that fit your own read of the theme, set target weights, and track them together against your thesis over time. Walnut never trades for you and is not an investment adviser: it helps you organize and follow a basket, and any orders are ones you choose to place yourself through your connected broker. Decide which mix of large-cap optionality, pure-plays, and ETF exposure matches how much metaverse-specific risk you actually want.
The bottom line on Metaverse, VR and AR
Most of the accessible exposure to this theme comes from large-cap technology companies where the metaverse, VR, and AR is one optional bet among many far larger businesses, so the stock barely moves on metaverse news alone. The true pure-plays are smaller, more volatile, and far more sensitive to whether immersive computing actually reaches mainstream adoption.
FAQ
What is the metaverse, VR and AR theme?
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It groups companies building immersive computing: VR and AR headsets and smart glasses, the chips and GPUs that render virtual worlds, the engines and platforms used to build them, and the content and social experiences inside them. The theme spans large-cap technology firms and smaller pure-plays.
Which stocks are in the metaverse, VR and AR theme?
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Common names include Meta, Apple, Nvidia, Alphabet, and Qualcomm on the hardware and chip side, plus Unity, Roblox, and Snap as closer pure-plays in engines, virtual worlds, and AR. The exact mix you hold is your choice, and the category has no single dominant pure-play.
What is the difference between headset makers, engines, and chips in this theme?
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Headset and device makers like Meta and Apple sell the hardware people wear. Chip and GPU companies like Nvidia and Qualcomm supply the silicon that renders and powers it. Engines and platforms like Unity and Roblox provide the tools and worlds where experiences get built and monetized.
Are there ETFs for the metaverse theme?
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Yes. The Roundhill Ball Metaverse ETF (METV) is a widely referenced proxy that bundles dozens of metaverse-linked companies into a single ticker. An ETF gives diversified, hands-off exposure across the stack instead of picking individual names.
How do I invest in the metaverse, VR and AR theme?
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You can buy individual stocks that fit the thesis, hold an ETF proxy like METV, or build a focused basket in Walnut with your chosen names and target weights. The trade-off is between concentrated pure-plays and the diffuse, optional exposure you get from large caps.
Is the metaverse a good investment?
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That depends entirely on your own goals, risk tolerance, and time horizon, and the category has seen heavy losses and slower adoption than expected. Walnut is not an investment adviser; it helps you organize and track a basket, but the decision and any orders are yours.
Did the metaverse hype fade, and how does AI overlap with it?
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The standalone VR metaverse narrative has cooled sharply. Meta and Apple have both pulled back, and the industry has shifted toward AR smart glasses and AI wearables. Much of the theme's future now overlaps with AI hardware and on-device intelligence rather than fully virtual worlds.
What role does the Apple Vision Pro play in this theme?
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The Vision Pro was Apple's flagship mixed-reality headset, but reported sales were weak and Apple has reportedly scaled back development, redirecting effort toward cheaper devices and AI-enabled smart glasses. It illustrates how high-end VR has struggled to reach mainstream demand.
How large are Meta's Reality Labs losses?
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Meta's Reality Labs has accumulated roughly $90 billion in cumulative operating losses since 2020, including about $19 billion in 2025. Meta has cut staff in the division and reframed spending toward AI infrastructure and AI-powered smart glasses while keeping metaverse losses near recent levels.
Can I build a metaverse basket in Walnut?
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Yes. You can assemble a basket of the metaverse, VR, and AR names you want, set target weights, and track them together against your thesis over time. Walnut never trades for you; any orders are ones you choose to place through your connected broker.
Build the Metaverse, VR and AR basket in Walnut
Walnut's AI assistant takes the thesis above, proposes 5 to 6 constituents with target weights, and lets you fund the basket through your existing broker. You approve every order; we never trade on your behalf.
Other themes
- AI infrastructure. Picks and shovels of the AI buildout: GPUs, networking, foundries, and the software platforms training the largest models.
- Data center power and cooling. The grid, switchgear, liquid cooling, and electrical contracting that AI data centers can't run without.
- Semiconductors. The full chip stack: designers, foundries, equipment makers, materials suppliers, and packaging specialists.
- Defense and modernization. Software, sensors, and specialty materials at the center of US and allied defense buildouts.
- Critical materials. Rare earths, specialty metals, and strategic materials at the center of supply chain reshoring.
Walnut is informational, not investment advice. Theme membership is descriptive, not prescriptive; nothing on this page should be read as a recommendation. Always verify current financials and your own circumstances before investing.