Chip maker Qualcomm will supply Apple with 5G chips for smartphone launches in 2024, 2025, and 2026. Its stock is reversing recent declines.
Qualcomm will supply Apple with 5G chips for its iPhone launches across the next three years, the company said Monday, a move that has buoyed the chip maker’s shares following declines in recent days.
Qualcomm said it had entered into an agreement with Apple to supply Snapdragon 5G systems for smartphone launches in 2024, 2025, and 2026, which the company said reinforced its track record of 5G leadership. READ MORE Qualcomm chips have been rumored to feature in the iPhone 15 ahead of the looming Apple product launch this week, but investors in the chip maker now have more long-term news to be thankful for with a supply agreement out to 2026.
Shares in Qualcomm, which had lost 8.3% across the past five days amid a slump in Apple stock due to fears of Chinese iPhone bans, advanced 6.8% in premarket trading on Monday, set to almost wipe away the week of declines.
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