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The more appropriate question is "Is Magic Leap's Virtual Retinal Display just vaporware?"

The Magic Leap One does not fulfill the brand promise that garnered the company all the VC it has. That would make it vaporware.

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Lots of confusion over this device, which can be chalked up to all the FUD spread around about it. Nearly half the 2 billion they got was in the last year alone. Investors like Google have been there since day one and not left.

I suppose it is possible that the Magic Leap One could be providing cover for another thing they are working on.

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