Chip maker Qualcomm (NASDAQ: QCOM) and Chinese Internet search giant Baidu (BIDU) have entered a non-binding memorandum of understanding to collaborate on extended reality (XR) technology and to create a metaverse platform. The partnership will also focus on generative artificial intelligence (AI) for metaverse infrastructures.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Baidu aims to speed up XR application development by integrating Qualcomm’s Snapdragon Spaces XR developer platform into its XiRang metaverse platform. The collaboration will harness cloud and AI technologies across various sectors, including tourism, education, and sports. This venture represents a strategic move to advance XR and metaverse capabilities, potentially impacting multiple industries.
For investors interested in getting exposure to companies foraying into the Metaverse, the Global X Metaverse ETF (VR) offers a good option. This ETF has surged by more than 30% year-to-date.