Benzinga | Nov 15, 2021 11:21AM EST

Meta Collaborates With Israel's Inomize To Develop Metaverse Chips

* Meta Platforms Inc (NASDAQ:FB) collaborated with an Israeli firm, Inomize, to develop advanced chips for Meta's future virtual reality technology or "metaverse," Ynet news.com reports.

* Meta will pick 100 of the company's best employees, who will get a chance to work on cutting-edge VR and AR technologies in Meta's "Reality Labs" development center in Tel Aviv.

* Meta CEO Mark Zuckerberg hailed the metaverse as the next incarnation of the internet, which will allow billions of people to interact, work and create products and content in what he hopes will be a new ecosystem that makes "millions" of jobs for creators.

* "All of us here at Meta, from Mark Zuckerberg to the last of our engineers, see the future in the metaverse. All of us here are building the tools needed to run the next computing platform," the report quoted Offer Shaham, a senior engineer at Meta's Reality Labs.

* Related Content: Facebook Gets In On Chipmaking Fever

* Price Action: FB shares traded higher by 2.87% at $350.69 on the last check Monday.