Paul Sakuma / AP

Chip giant Qualcomm has been investing in startups since 2000, but its venture capital arm has never had an office in the Bay Area—until now. Axios has learned that the new outpost will be led by managing director Patrick Eggen, along with senior investment manager Varun Jain.

Focus: In San Francisco, the group will continue to focus on Qualcomm's core areas of interest—mobile, emerging technology in sectors like automotive and connected devices, and what Eggen describes as "frontier tech," like mixed reality. The group already has seen some success in those areas, such as autonomous driving startup Cruise's sale to GM for nearly $1 billion last year.

Strategy:

The VC arm will continue to have dual focuses on financial returns and strategic value to Qualcomm. What Qualcomm Ventures is not: a vehicle for the company to find acquisition targets, Eggen tells Axios.

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The economy is sputtering, but the markets are thriving — a highly unusual event that shows how the coronavirus has thrown all bets off.

Why it matters: The disconnect adds to the wealth gap. The richest 10% of households — who own 84% of stocks — are getting richer, while millions of out-of-work Americans cross their fingers that pandemic unemployment benefits will be extended.

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  5. Politics: Herman Cain hospitalized for COVID-19 after attending Trump Tulsa rally — Biden downplays jobs number, rebukes Trump for ignoring health crisis.
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Fauci testifies to the Senate Health, Education, Labor and Pensions Committee on June 30. Photo: Al Drago/AFP via Getty Images

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What's happening: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Caitlin Owens reports.