Apple's AR headset will have its own display and run on a new chip and operating system, according to people familiar with the matter.
Recently, Cook told press that the technology is just not there yet for there to be an augmented reality headset available to consumers that offers a satisfying experience, while chiding "anything you would see on the market any time soon" in that category.
Apple is not the only company working on this technology.
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Although Apple CEO Tim Cook alluded to any headset being at least a few years away during a recent interview about augmented reality, the reports convey a completely different story. The small surface area also saves battery life, which will be crucial to run intensive graphics from the headset.
The team's first product was ARKit, tools that outside software developers use to create AR applications for the latest iPhones and iPads, leveraging their screens, cameras and processors to create virtual 3-D interfaces for online shopping, education and gaming.
As with previous products, Apple isn't waiting around for someone else to create a chip capable of powering its AR headset.
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Apps they are now exploring include maps, messaging, virtual meeting rooms, 360-degree video playback, etc.
Apple is still firming up plans for this future device, per Bloomberg, but it's exploring various interaction methods including touch sensitive input, Siri voice interaction and even head gestures.
The headset is likely to come with support for the AppStore which means users will be allowed to download and install apps like on iOS.
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For now, Apple is still finalising how users will control the device and launch apps. The two companies said at the time that the investment was meant to support Corning's research and development as well as capital equipment needs and glass processing capabilities.