EssilorLuxottica, the $100 billion company behind Meta's AI-enabled Ray-Ban smartglasses, offers investors a direct play on Zuckerberg's vision without Meta's broader challenges. The French manufacturer's growing consumer popularity positions it as a key beneficiary of the smartglasses trend.

Shares in EssilorLuxottica have dropped over a third from recent highs, battered by broader market turbulence that particularly affected highflying tech companies. Despite this decline, the company's valuation suggests it may have been oversold in the current market environment.

While Essilor's forward earnings multiple remains higher than Meta's, it now trades below its five-year average, creating a more attractive entry point. This comes as Meta continues aggressive spending on AI and faces legal challenges from social media addiction lawsuits.

Tech companies have struggled with smartglasses for over a decade, delivering mostly expensive flops and niche devices. EssilorLuxottica's current position suggests the market may finally be overcoming its history of false starts with practical consumer applications.