By Reuters

(Reuters) - Specs, the Snap smart glasses unit formed early this year, will ‌use Qualcomm chips for its upcoming devices ‌under a multi-year deal announced on Friday, marking its first ​major move.

The Specs smart glasses launching later this year will use the Snapdragon XR processor platform, the two companies said on Friday. Financial details ‌of the deal ⁠were not disclosed.

The deal builds on a years-long tie-up that has seen Qualcomm ⁠chips power multiple previous generations of Snap's developer-focused smart glasses called Spectacles.

Snap established its Specs unit ​in January ​to compete with Meta, ​whose Ray-Ban AI smart ‌glasses developed with EssilorLuxottica have become one of the few breakthrough successes in the race for AI-powered gadgets.

The Specs unit aims to provide more independence to the team that is working ‌on smart glasses and also ​opens room for external investment, ​the Snapchat-parent has ​said.

Friday's announcement comes after activist investor ‌Irenic Capital Management, which disclosed ​an economic ​interest of about 2.5% in Snap's Class A shares, last week pushed the company to ​either spin ‌off or shutter its Specs unit and ​cut costs.

(Reporting by Jaspreet Singh in Bengaluru; ​Editing by Maju Samuel)

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