Updated from 3:24 p.m. ESTQualcomm ( QCOM - Get Report) has bought a chunk of AMD ( AMD - Get Report)'s hand-held assets for $65 million, in an attempt to deliver complex graphics and multimedia services on mobile devices. The purchase comes at a time when technology firms are eyeing opportunities in next-generation telephone networks. Qualcomm, for example, is seen as one of the more promising stocks in an ailing tech sector, thanks partly to its support for 3G cell-phone networks, and the eventual advent of 4G. 4G networks, which will offer high-speed multimedia services via cell phones and mobile devices, are expected to make their debut in 2012, although Qualcomm is clearly laying the foundations for the technology through its purchase of AMD assets. Like processor giant Intel ( INTC - Get Report), the San Diego, Calif.-based company has also thrown its weight behind System-on-Chip technology, which combines different computer components onto a single piece of silicon.