Meta Platforms, the parent company of Instagram, is gearing up to unveil its first-ever smartwatch this year, marking a significant stride in its wearable tech endeavors by reigniting the 'Malibu 2' project. This upcoming device will boast health-tracking functionalities and come equipped with the integrated Meta AI assistant, enhancing user experience with smart, personalized interactions.

Meta's foray into the smartwatch arena began approximately five years ago. However, the project faced a temporary halt in 2022 as part of broader cost-cutting initiatives. Now, propelled by the burgeoning artificial intelligence sector, the wearable device market is poised for a robust resurgence, presenting Meta with a prime opportunity to re-enter the fray.

Having already made waves with the distribution of a substantial quantity of AI-powered smart glasses, Meta is currently in the process of developing around four cutting-edge augmented reality (AR) and mixed reality (MR) glasses. The company is also reassessing the optimal release timelines for these innovative products to maximize market impact.

In a series of strategic moves, Meta postponed the launch of its MR glasses, codenamed Phoenix, in December of the previous year. Furthermore, last month, the company decided to suspend its international expansion plans for the Ray-Ban Display glasses, citing supply constraints and overwhelming demand within the U.S. market as key factors influencing this decision.