HomeInvesting NewsQualcomm and Meta are strengthening their collaboration on metaverse chips.

Qualcomm and Meta are strengthening their collaboration on metaverse chips.

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The long-standing partnership between QUALCOMM Incorporated (NASDAQ:QCOM) and Meta Platforms, Inc. (NASDAQ:META) has been extended for another seven years to create new specialized processors for the Quest virtual reality (VR) headsets produced by the latter company.

QUALCOMM Incorporated (NASDAQ:QCOM) Snapdragon CPUs are compatible with Meta’s Quest and Quest 2 virtual reality headsets. The new CPUs for virtual reality headsets will utilize the Snapdragon extended reality processors developed by Qualcomm.

It is projected that Meta will spend more than $3 billion on virtual reality (VR) over the next ten years since the company aims to work significantly to improve the VR ecosystem. The chips will be outfitted with various enhanced features to enhance VR experiences.

QUALCOMM Incorporated (NASDAQ:QCOM) plans to maintain its leading position in the market for chipsets, 5G, and mobile connectivity through developing a variety of new products and accomplishing several technological goals. Users will be able to experience a smooth transition to a lightning-fast 5G network that offers low-power, durable multi-gigabit connection together with the most advanced security measures available from the firm. In turn, this will enable the scalability and flexibility required for the rapid and widespread deployment of 5G through the rapid commercialization of OEMs.

As a result of the increasing demand, QUALCOMM Incorporated (NASDAQ:QCOM) has already signed a contract with the chipset maker GlobalFoundries to develop sophisticated 5G multi-gigabit speed RF front-end devices. This arrangement was made earlier. The companies decided to continue their RF partnership to develop robust low-power semiconductor solutions with high cellular speeds, better coverage, and optimum power efficiency. These cutting-edge products and services have been developed to provide ground-breaking coverage to 5G-enabled connected devices.

The acquisition of such highly sought-after contracts is expected to increase the company’s total revenue.

Compared to the 15.9% loss seen across the industry over the last year, this stock’s price is down 11.1%. The company QUALCOMM Incorporated (NASDAQ:QCOM) is now ranked third by Zacks (Hold).

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