Meta, Qualcomm sign deal to develop VR chips
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At a consumer electronics conference in Berlin, Meta Platforms (NASDAQ:META) and Qualcomm (NASDAQ:QCOM) entered into a deal to develop custom virtual reality (VR) chips.
Chipmaker Qualcomm (QCOM) will develop and produce custom chipsets based on its Snapdragon platform for Meta's Quest VR devices. The chipsets will not be exclusive to Meta (META), but specifically customized for the Quest devices, according to a Meta statement to Reuters.

The agreement covers only VR devices, and Meta (META) will continue to focus on developing some of its own novel chip solutions.
On Thursday, semiconductor stocks fell sharply, as Nvidia (NVDA) and Advanced Micro Devices (AMD) both said they had received warnings from the U.S. government to curb sales of some products from China to Russia.
META shares are down marginally pre-market, while QCOM is slightly up.