The metaverse is much more than the next frontier of social media, says the boss of a growing chipmaker.

Christiano Amon, CEO of Qualcomm – a chipmaker based in San Diego employing 41,000 people – the metaverse will expand into a number of different opportunities for business.

Speaking on “Mad Money” on CNBC, on Thursday, February 3, he said: “You’re still going to have the big social network, the consumer game.

“You’re going to have the big one for games, but the industrial one is big.”

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He said this emphasizes the significance of Qualcomm’s collaboration with Microsoft, which employs Qualcomm’s chips in its mixed reality smart glasses.

Discussions about the metaverse have exploded in recent months, owing partly to Facebook’s rebranding as Meta Platforms and the announcement of huge expenditures to construct interactive and immersive virtual worlds.

Facebook has invested heavily in its own metaverse technology but, shortly after Mr Amon’s comments, the company saw a disastrous stock crash that wiped an astonishing $230 bill off its Market value.

This put the concept of the metaverse, which had existed in science fiction circles for decades, firmly on Wall Street’s radar.

Amon pointed out that its potential goes beyond recreational and social uses.

He said: “With the cloud economy that we have now, with everything associated to the cloud, we have digital twins of everything. You can have a digital twin of a car, for example.

“When the car comes to the dealership and someone goes to look under the hood, they can put a virtual reality device, augmented reality, and they’ll tell you from the digital twin in the cloud, where to fix it, where is the problem, adding that it could also be used for worker training.

Amon’s remarks depict a picture of the metaverse that is similar to Nvidia CEO Jensen Huang’s vision.

The company was recently named the best place to work in the US, with Huang getting particular praise.

Huang told Cramer on “Mad Money” in November that he believes firms are investing in the Metaverse because it can be used to do simulations that convert into real-world savings.

He said: “By doing this, we could reduce the amount of waste, and that’s why the economy is so good for businesses,” Huang said. “They’re eager to invest a small amount of money to buy this AI capability, but what they’re saving is hopefully hundreds and hundreds and hundreds of billions of dollars.”

Source: CNBC

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