Qualcomm and Nokia team up

As recently announced Qualcomm and Nokia are teaming up to develop new mobile phone chipsets. Just last year Qualcomm and Nokia were eyeing each-other from across the court room and now they are partners.

The partnership points out that the two are working together to produce a new third generation 3G mobile phone. The deal could also help Qualcomm survive through the expected downturn of the mobile market as well as hurt its opponents, Broadcomm and Texas Instruments.

"We view the announcement as a positive for Qualcomm as it further solidifies the companies' leadership in 3G technologies and presents an opportunity for growing its addressable market," UBS analyst Maynard Um said.

No word has been announced on what exactly their new product will be, but we'll be sure to let people know once it's announced.