Snap Inc. (NYSE: SNAP) had a rough Wednesday, with shares falling nearly 6% as broader risk-off pressure clobbered growth stocks and investors chewed over the company's push into high-priced augmented reality hardware.

The Communication Services sector slipped 0.33%, while the S&P 500 dropped 0.67%. Rising Treasury yields also weighed on technology names.

Snap Takes SPECS Into the Enterprise

Snap announced partnerships with NVIDIA Corp. (NASDAQ: NVDA), Salesforce, Inc. (NYSE: CRM) and Amazon.com, Inc. (NASDAQ: AMZN) through AWS to bring its $2,195 SPECS glasses into enterprise workflows.

The company is positioning SPECS as "a new computer" rather than a traditional consumer smart-glasses product.

The partnerships put fresh attention on Snap's "physical AI" strategy as the company looks beyond consumer uses for the device.

NVIDIA Partnership Adds AI Capabilities

Snap plans to use NVIDIA's XR AI technology to support AI agents that process live camera and microphone inputs.

The technology can interpret a worker's surroundings and provide real-time guidance, extending SPECS into workplace applications.

The enterprise push comes as the broader market remains defensive, with only two of 11 sectors advancing Wednesday.

Snap Carries Metaverse ETF Exposure

Snap represents 4.46% of the ProShares Metaverse ETF (NYSE: VERS).

Significant inflows or outflows from the fund can translate into buying or selling of Snap shares.

SNAP Price Action: Snap shares were down 6.14% at $5.27 at the time of publication on Wednesday, according to market data.