Benzinga | Jun 28, 2021 02:08PM EDT

Qualcomm Collaborates With Over 40 Companies On Faster 5G: Reuters

* Qualcomm Inc (NASDAQ:QCOM) plans to collaborate with over 40 carriers and telecommunications gear providers committed to the faster variant of 5G networking technology, Reuters reported.

* The companies include China Unicom (Hong Kong) Ltd (OTC:CHUFF), Chunghwa Telecom Co Ltd (NYSE:CHT), Fibocom Wireless Inc, Deutsche Telekom AG (OTC:DTEGF) (OTC:DTEGY), and Telstra Corp Ltd (OTC:TLSYY).

* Qualcomm helped develop the global compatibility of the fastest version of the 5G "millimeter wave." It is ideal for scenarios where multiple people are trying to connect to mobile networks at once.

* Apple Inc (NASDAQ:AAPL) has tapped Qualcomm's chips to access millimeter wave technology. The lower frequency version, called "sub-6," travels well over long distances but is only slightly faster than previous networks.

* The move could boost Qualcomm's sales, maintaining its lead against rivals like MediaTek Inc (OTC:MDTKF).

* Qualcomm talked about the technology's budding prospects outside U.S. and Japan, Europe, and Korea.

* Price action: QCOM shares traded higher by 1.37% at $139.54 on the last check Monday.