Attention will turn later today to Apple’s (NASDAQ:AAPL) developer conference at its California headquarters, where the tech behemoth is preparing to unveil a new “mixed reality” headset that has been seven years in the making.

The device aims to bring together augmented reality, which imprints digital images on to the real world, and virtual reality, which immerses users in a computer-generated simulation.

Apple typically announces new software updates at its annual event, but this time the company will reveal its newest piece of hardware since the launch of the Apple Watch in 2015. Speculation surrounds the impact of the release, with observers wondering if the headset will spark a resurgence in interest in AR/VR technology that has been supplanted recently by a frenzy around generative artificial intelligence.

Reports say the device won’t be cheap: The cost is estimated to be as much as $3,000