The project is still at a trial production stage and it will take years to reach the mass manufacturing stage, as per Reuters.

Why It Matters: The micro OLED displays are thinner, smaller and use less power, and are apt for use in AR devices, noted Reuters.

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The iPhone maker is also planning a virtual reality device that will retail for nearly $3,000, according to Business Insider. 

That headset reportedly is equipped with high quality 8K displays.

Apple plans to launch the VR headset in 2022 and it may pave the way for sales of augmented reality glasses, according to Bloomberg. 

Price Action: Apple shares closed nearly 0.7% lower at $136.01 on Tuesday.