Aside from launching the Apple Watch next week and hiring hundreds of workers for a secret electric car project, what else is Apple working on?

Augmented reality, according to a new report from Gene Munster, senior research analyst at Piper Jaffray. He claims a small team is working on augmented reality but didn't go into more details about the project.

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It follows the unsuccessful launch of Google Glass that sold for $1,500 in a developer test. After two years in development, Google dropped the augmented reality device and put Nest Labs in charge of the device and platform.

The project isn't as big as Apple's electric car project, which is now in full swing with investments in critical infrastructure for battery development and assembly of the car. Google now has a talented team of augmented reality experts working on the fundamentals.

It might be some time before Apple hints at anything having to do with augmented reality since it's scheduled to launch an internet TV service and re-launch Beats Music later this year.

Apple's interest in augmented reality is humorous as the late Steve Jobs once told an employee to "get a girlfriend" instead of spending time working on virtual reality. Jobs wrongly thought there wasn't a market for augmented reality.

What's worrying is the lack of upcoming products after the Apple Watch. The electric car is scheduled for a 2020 launch and might have to be delayed if automation services aren't legalized in the United States. This being the case, the augmented reality project sounds way off.

If Apple has nothing for the next five years in the hardware world, it might get a little boring. Fortunately, the new MacBook should capture attention in 2015. The iPad Pro might be the first combination of Mac and iOS although we wouldn't hold our breath on Apple merging the two platforms.

TagsGoogle Glass