Thursday, Nike (NYSE" NKE) CEO Mark Parker debuted the Nike HyperAdapt 1.0 at the Nike Innovation conference in an "Apple" like reveal. What is this new thing called the HyperAdapt? Well, the sneaker giant has taken another large step in the advancement of shoe technology by releasing a self-lacing shoe. But just how large of a step the new shoe will take? Well as the "1.0" in its name implies, this sneaker is just the first in what could be a long line of Nike self-lacing sneakers, according to the the company's CEO, Mark Parker. In the CEO's comments he took the time to compare the self-lacing sneaker tech with self driving car tech, saying that this is a "good analogy" in terms of mainstream appeal. Nike is calling the technology "Power Lace", and it's based on the technology used in a futuristic shoe in the 1989 cult classic "Back to the Future" called the Nike Mag (a real Nike Mag will also hit auction later this year for you collectors out there).
Power Lace senses when the wearer's foot is in the shoe, and automatically tightens the straps. The level of tightness can be adjusted using buttons on the side of the shoe, providing a custom tightness that traditional lacing systems just can't provide. In the future, the technology will also provide automatic loosening and tightening as the needs of the athlete wearing the shoes changes. Pretty cool huh? Pricing for the Nike HyperAdapt 1.0. hasn't been announced yet, but don't expect it to come to cheap.
Investors responded in favor of the new technology as shares of Nike finished up over 2%. Technical traders will note that this also pushes it past a notable trend line resistance area. Nike is now up 1.35% for the 2016 calendar year.