Facebook Gets In On Chipmaking Fever

Facebook Inc FB has jumped the chipmaking bandwagon joining the likes of Alphabet Inc GOOG GOOGL, Google, Amazon.com Inc AMZN and Microsoft Corp 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 INTC, Qualcomm Inc QCOM, and Broadcom Inc 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.