Snap Inc. (Snap (SNAP)) stock took a hit Wednesday, falling 4.75% to $4.91, as Wall Street balked at the company's latest bet: a pair of augmented reality glasses that cost more than a high-end smartphone.

The company officially unveiled the SPECS AR glasses on Tuesday, marking a bold pivot into standalone wearable hardware. But the $2,195 price tag—requiring a $200 refundable deposit for pre-order—has investors questioning whether consumers will bite.

Snap expects to ship the product this fall to customers in the United States, the United Kingdom, and France. The glasses weigh between 132 and 136 grams, depending on size, and offer a 51-degree field of view with a 7-millisecond motion-to-photon latency. The company says the device operates without a puck or tether, aiming to create a new category of computing.

In the official announcement, co-founder and CEO Evan Spiegel struck an ambitious tone. "SPECS are the beginning of a new era in computing," he said. "The smartphone put our lives in our pockets. SPECS put computing into the world, where life actually happens."

To support the hardware, Snap introduced new developer tools in Lens Studio, including agentic development capabilities. The company also highlighted privacy features: an LED indicator light that signals active recording and a focus on on-device data processing.

But the market's reaction suggests investors aren't ready to bet on Spiegel's vision just yet. From a technical perspective, Snap stock is trading well below its major moving averages—about 13% below the 20-day SMA ($5.65) and 50-day SMA ($5.68), and roughly 26% below the 200-day SMA ($6.67). The moving average crossover remains bearish: the 20-day is below the 50-day, and the 50-day is below the 200-day, keeping the longer-term bias pointed down.

With the stock closer to its 52-week low of $3.81 than its 52-week high of $10.41, support levels are the near-term focus. Failed bounces could snowball, making the next few trading sessions critical for Snap's trajectory.