Metaverse wearable devices ‘could be as big as phones,’ Qualcomm CEO says

The company whose chips power Facebook’s Oculus virtual-reality headset has already tapped into the metaverse opportunity. Now Qualcomm’s CEO says glasses could eventually be as widespread as smartphones.

Qualcomm CEO Cristiano Amon knows smartphones well. The company’s main business is providing semiconductors for those devices. As Apple turns toward manufacturing its own chips for its phones, Qualcomm has been working on diversifying its revenue into products and services for the automotive industry, the Internet of Things — and the metaverse. They’re not new entrants into the market.

“For all of the devices that are being commercially deployed, you have one thing in all of them — which is Snapdragon XR,” Amon told Yahoo Finance Live, referencing Qualcomm’s extended reality version of its main Snapdragon platform. “So we’re very excited about that opportunity, and it could be as big as phones, if you have companion glasses that you carry together with your smartphone.”

Amon pointed to Facebook’s name change as one marker of success for that company’s XR device: “Even looking at how the company is now called Meta is a reflection of how successful Oculus has been,” he said.

Metaverse products were one aspect of the diversification strategy Amon laid out during Qualcomm’s investor day on Tuesday. He outlined how Qualcomm is working on reducing its reliance on Apple, and is targeting $46 billion in revenue by 2024, including $9 billion from the Internet of Things.

SHENZHEN, CHINA - 2020/10/05: Qualcomm Snapdragon mobile processors sign seen on the screen of an OPPO Reno 4 Pro smartphone. (Photo by Alex Tai/SOPA Images/LightRocket via Getty Images)SHENZHEN, CHINA - 2020/10/05: Qualcomm Snapdragon mobile processors sign seen on the screen of an OPPO Reno 4 Pro smartphone. (Photo by Alex Tai/SOPA Images/LightRocket via Getty Images)
SHENZHEN, CHINA – 2020/10/05: Qualcomm Snapdragon mobile processors sign seen on the screen of an OPPO Reno 4 Pro smartphone. (Photo by Alex Tai/SOPA Images/LightRocket via Getty Images)

Investors seemed convinced, bidding the shares up to a record following the presentation. Amon said the stock’s performance this year represents recognition of its “incredible technology.”

Of course, Qualcomm isn’t alone: the market for servicing the metaverse is becoming increasingly crowded. But there may be room for many participants. Nvidia founder and CEO Jensen Huang recently told Yahoo Finance that the economy of the metaverse could be far larger than that of the physical worldJ

Trending Ideas

Featured Stocks On The Move

Daily Rundown

Top 3 Stocks in Leading Sectors
  • 3 Oil Field Machinery Stocks To Buy Now

    Matrix Service Company (MTRX) Matrix Service Company provides engineering, fabrication, construction, and maintenance services to energy and industrial markets. The company operates through segments such as Storage and Terminal Solutions,... Read More

  • 3 Restaurant Stocks To Buy Now

    Brinker International, Inc. (EAT) Brinker International, Inc. is a leading casual dining restaurant company, operating well-known brands such as Chili’s Grill & Bar and Maggiano’s Little Italy. The company focuses... Read More

  • 3 Coal Stocks To Buy Now

    Natural Resource Partners L.P. (NRP) Natural Resource Partners L.P. is a master limited partnership that owns, manages, and leases a diversified portfolio of mineral properties in the United States. The... Read More

  • 3 Real Estate Developer Stocks To Buy Now

    IRSA Inversiones y Representaciones Sociedad Anónima (IRS) IRSA Inversiones y Representaciones Sociedad Anónima is a leading real estate company in Argentina, engaged in the acquisition, development, and management of diversified... Read More

  • 3 Gas Distribution Stocks To Buy Now

    New Jersey Resources Corporation (NJR) New Jersey Resources Corporation is an energy services holding company that provides regulated natural gas distribution services through its subsidiary, New Jersey Natural Gas. The... Read More

  • 3 Food Product Stocks To Buy Now

    The Chefs’ Warehouse, Inc. (CHEF) The Chefs’ Warehouse, Inc. is a premier distributor of specialty food products, serving high-end restaurants, hotels, and gourmet food stores across the United States and... Read More

  • 3 HVAC Stocks To Buy Now

    Featured Content Lennox International Inc. (LII) Lennox International Inc. is a global leader in energy-efficient climate control solutions, specializing in heating, ventilation, air conditioning, and refrigeration (HVACR) products. The company... Read More

  • 3 Hotel Stocks To Buy Now

    Featured Content Hyatt Hotels Corporation (H) Hyatt Hotels Corporation operates a global portfolio of luxury, full-service, and lifestyle hotels, as well as vacation properties. Known for its premium hospitality offerings,... Read More

  • 3 Tobacco Stocks To Buy Now

    Featured Content Turning Point Brands, Inc. (TPB) Turning Point Brands, Inc. is a consumer products company that manufactures and markets tobacco products and alternative smoking accessories. The company’s portfolio includes... Read More

  • 3 Life Insurance Stocks To Buy Now

    Featured Content F&G Annuities & Life, Inc. (FG) F&G Annuities & Life, Inc. specializes in annuities and life insurance products designed to meet the long-term financial planning needs of clients.... Read More

  • 3 Soft Beverage Stocks To Buy Now

    Featured Content Westrock Coffee Company (WEST) Westrock Coffee Company is a leading integrated coffee, tea, and extract service provider, offering comprehensive solutions from sourcing and roasting to packaging and distribution.... Read More

  • 3 Medical Info System Stocks To Buy Now

    Featured Content Clover Health Investments, Corp. (CLOV) Clover Health Investments, Corp. is a healthcare technology company focused on improving health outcomes for America’s seniors. The company offers Medicare Advantage plans... Read More