The AI Bubble: Why We're Focusing on the Wrong Question and Which Stocks to Invest In.

William Blair took a "sober look" at Warby Parker's (WBRY) partnership with Google (GOOG, GOOGL). Warby shares are down 3% to $28.83 in afternoon trading. In the early days, "maybe" Google's artificial intelligence glasses can research $20M in annual sales, "but certainly not in 2026," the analyst tells investors in a research note. The firm says it has heard of "some relatively aggressive assumptions" on what the Google partnership with Warby Parker for AI-enabled glasses could contribute from a revenue and margin standpoint in recent weaks. Blair analyzed the potential for the glasses relative to the partnership between Meta (META) and EssilorLuxottica for the Ray-Ban Meta smart glasses. The firm points out that EssilorLuxottica has 55-times the amount of physical stores compared to Warby Parker. At an average price point of $450, assuming the Google AI glasses are priced competitively to Ray-Ban Meta, this would support total unit sales of 45,000, Blair estimates.