Snap Inc. lost nearly $40 million when it introduced its first pair of camera-laden Spectacles in 2016. But the company’s C.E.O., Evan Spiegel, is trying again. He announced on Thursday that Snap is launching a new version of its Spectacles with augmented-reality capabilities. While it will take years for the technology to be in the hands of most consumers, it will allow them to view their physical surroundings with visual overlays. It’s one of several innovations Spiegel announced — alongside new revenue models for creators — in a quest to win the social media wars.

In this conversation, Kara Swisher presses Spiegel on how he will compete with augmented-reality technology from Apple and Amazon, and whether glasses and creator gifting will help him win a war with TikTok or Instagram. They also discuss content moderation in a world where anyone can create their own reality.

You can find transcripts (posted midday) and more information for all episodes at nytimes.com/sway, and you can find Kara on Twitter @karaswisher.