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Qualcomm Inc on Tuesday said it is putting 5G technology into chips for smartphones that will sell for as little as $300 and that will come to market in the second half of this year.
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San Diego-based Qualcomm is the biggest supplier of processors for smartphones and the modem chips that connect the phones to wireless data networks.
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The company's chips featuring fifth-generation (5G) cellular telecommunications technology are currently in many premium-priced smartphones such as Samsung Electronics Co Ltd's Galaxy devices.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| QCOM | QUALCOMM INC. | 89.52 | +3.13 | +3.62% |
But Qualcomm has also been working to get the technology into cheaper devices. The new chip, called the Snapdragon 690, will go into devices that it expects to retail at $300 to $500, Qualcomm said. Phone makers such as HMD Global, the owner of the Nokia phone brand, LG Electronics Inc and Lenovo Group Ltd's Motorola plan to use the chips, Qualcomm said.
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The push into lower price points means higher volumes for Qualcomm. According to data from Counterpoint Research, smartphones with wholesales prices of $100 to $400, which are somewhat lower than the prices consumers pay, made up about 50% of the overall smartphone market in the first quarter of 2020.
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(Reporting by Stephen Nellis in San Francisco; Editing by Christopher Cushing)
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