Snap's newly formed Specs unit secures multi-year Qualcomm chip deal to power next-generation AI smart glasses and compete with Meta's Ray-Ban devices.

Snap established its Specs unit in January 2024 to directly compete with Meta's successful Ray-Ban AI smart glasses co-developed with EssilorLuxottica

Qualcomm will supply chips for Specs' upcoming AI smart glasses devices under a multi-year partnership announced Friday

The deal builds on Snap's existing long-term relationship with Qualcomm, which has powered multiple generations of Snap's developer-focused Spectacles smart glasses

Snap's move marks the company's first major hardware initiative to capture market share in the emerging AI-powered wearables category