Facebook wants to design its own chips

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Facebook Inc. is assembling a design team to create semiconductors that would enable the social media company to reduce its dependence on chip-making giants like Intel and Qualcomm, Bloomberg reports.

Why it matters: This would give the company "finer control over product development and would be able to better tune its software and hardware together," Bloomberg noted. Facebook could use the chips to operate hardware devices, artificial intelligence software and servers at its data centers.