Shares in EssilorLuxottica, maker of Ray-Ban, surged 14% to a record high, adding $20 billion in market value. Q3 sales grew by 11.7% to 6.9 billion euros, exceeding expectations. Smart glasses with Meta powered AI contributed significantly to sales growth. Barclays predicts 60 million units sold globally by 2035.

EssilorLuxottica’s stock had its biggest daily rise since 2008, up 13.8% to a market cap of 126.5 billion euros. This boost led the Stoxx Europe Luxury 10 index to climb over 7% for the week, the largest weekly gain since January. Meta’s Ray-Ban smart glasses are expanding globally, with Google and Microsoft re-entering the market.

J.P. Morgan analysts view smart glasses as a “material growth driver” while Equita analysts raise the annual revenue forecast for wearables. Revenue impact on the group is estimated at around one billion euros this year. The company’s strategic drivers show promise for future success, according to analysts.

Read more at Yahoo Finance: Ray-Ban maker shares hits all-time high as investors bet on Meta AI glasses boom