Benzinga | Sep 9, 2021 10:42AM EDT

Facebook Gets In On Chipmaking Fever

Facebook Inc (NASDAQ:FB) has jumped the chipmaking bandwagon joining the likes of Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL), Google, Amazon.com Inc (NASDAQ:AMZN) and Microsoft Corp (NASDAQ:MSFT), the Information reports.

* Facebook is building a chip to power machine learning to recommend content to users. It's also working on another chip to improve video transcoding quality.

* The initiative will reduce Facebook's dependence on including Intel Corp (NASDAQ:INTC), Qualcomm Inc (NASDAQ:QCOM), and Broadcom Inc (NASDAQ:AVGO)

* The move will also lead to valuable savings for the company due to the minimal development cost.

* FB Price Action: Facebook shares traded higher by 0.41% at $379.15 at time of publication.