Shares of Qualcomm (NASDAQ:QCOM) stock were trading higher on Wednesday, up by about 5% as of 2:30 p.m. EDT. The semiconductor company's gain followed news that it's partnering with DISH Network (NASDAQ:DISH) to help the satellite TV company build a 5G network. DISH stock similarly gained about 4.5%.
The new network will "test open and virtualized RAN 5G solutions containing the new Qualcomm 5G RAN Platforms to help fast track DISH's rollout of the nation's first cloud-native, Open RAN-compliant 5G network," DISH said in a press release Wednesday morning.
DISH became a nationwide U.S. wireless carrier earlier this year when it acquired Boost Mobile. Its launch of the nation's first cloud-native Open RAN-based 5G broadband network would mark a notable innovation in the space.
"We are excited about working with DISH to accelerate their strategy to bring flexible, scalable, and interoperable 5G deployments to a more competitive North American market," said Durga Malladi, Qualcomm's 5G lead, in the press release.
DISH is aiming to build its 5G network by 2023. Qualcomm says it has a "vast 5G portfolio" that can be used in support of this goal.
Qualcomm's products have been fundamental to 3G and 4G -- and its technologies already enable the mobile ecosystem found in every 5G smartphone. The tech powerhouse looks well-positioned to be at the center of this market opportunity.