Apple CEO Tim Cook said Thursday that the company is “investing accordingly” into the metaverse as he sees various possibilities within the realm.

The metaverse is what tech experts refer to as virtual worlds, with the term gaining momentum after Facebook rebranded itself as Meta.

Following the tech giant’s alleged interest in the metaverse, its shares increased almost 6% Friday.

“We're a company in the business of innovation, so we're always exploring new and emerging technologies,” Cook said. "Right now, we have over 14,000 ARKit apps in the App Store, which provide incredible AR experiences for millions of people today."

Cook also told CNBC that the supply chain issues that have plagued the company are starting to improve. “It's worth noting that Apple is known for its supply-chain prowess” Third Bridge analyst Scott Kessler said, as reported by Reuters.

According to Business Insider, major banks on Wall Street have high hopes for the metaverse, with Goldman Sachs claiming that virtual reality could be valued at $8 trillion.