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Qualcomm CEO Steve Mollenkopf speaking at a business roundtable. Photo: Jim Watson/AFP via Getty Images

Qualcomm's venture arm today announced plans for a $200 million fund aimed at backing companies with the technology needed to build out or take advantage of next generation 5G cellular networks.

Why it matters: Companies with a stake in 5G technology — such as Qualcomm — are eager to tout its great potential. However, achieving that potential will require lots more investment — first in the networks and their accompanying gear, and then in apps and services.

  • The global effort will look at companies with interesting 5G use cases, those helping bring 5G to businesses as well as those helping transform the networks themselves.

What they're saying: Qualcomm CEO Steve Mollenkopf said in a statement...

"The intent of this fund is to fuel innovative 5G businesses that will be poised to take advantage of the $13.2 trillion economic benefit that 5G will enable by 2035.”

Yes, but: For all the hype, 5G networks have been slow to reach consumers, with most of the U.S. networks launched this year covering only small parts of a few cities.

Go deeper: Axios' special report on 5G

Go deeper

4 mins ago - Health

FDA panel backs Merck's antiviral COVID pill

The Merck Cherokee Plant in Riverside, Pennsylvania. Photo: Paul Weaver/SOPA Images/LightRocket via Getty Images

A Food and Drug Administration advisory panel on Tuesday voted 13-10 to endorse an antiviral pill developed by Merck and Ridgeback Biotherapeutics to treat adults at high risk of becoming severely ill from COVID-19.

Why it matters: Oral antiviral drugs designed to prevent or treat COVID-19 could be key pandemic-fighting tools, especially as new variants emerge. If authorized, the Merck drug, known as molnupiravir, would be the first treatment of its kind to be made available in the United States.

Shooting at Michigan high school leaves 3 dead, 6 wounded

Screengrab: CBSN

Three people dead and six others are wounded after a shooting at a high school in Michigan according to the Oakland County Sheriff's Office.

Driving the news: The alleged shooter was a 15-year-old sophomore at Oxford High School and has been arrested, per police.

Fed signals it could yank economic support quicker as inflation sticks around

Federal Reserve chairman Jerome Powell testifies during a hearing before Senate Banking, Housing and Urban Affairs Committee today. Photo: Alex Wong/Getty Images

The Federal Reserve will consider pulling back economic support sooner "as the threat of persistently high inflation has grown," chair Jerome Powell said during a congressional hearing on Tuesday.

Why it matters: This is the biggest signal yet the Fed is backing away from its stance that soaring prices would be fleeting — a change that could shift its policies that underpin the economy.

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