Apple won’t use our chips in the next iPhone

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Can shares of tech giants keep climbing?

Qualcomm says it expects Apple will not put its modem chips within the subsequent technology of iPhones.

It had been rumored that Apple (AAPL) would solely embrace Intel (INTC) modems in its new telephones, which normally debut within the fall.

“We imagine Apple intends to solely use our competitor’s modems fairly than our modems in its subsequent iPhone launch,” CFO George Davis stated on a convention name with analysts Wednesday. “We’ll proceed to supply modems for Apple legacy gadgets.”

Qualcomm (QCOM) makes most of its cash licensing smartphone radios and chips, and Apple is one among its largest clients. However the two corporations have been locked in a battle over royalty funds since 2017.

Apple didn’t instantly reply to a request for remark. Intel declined to remark.

Qualcomm additionally reiterated Wednesday that it plans to stroll away from its $44 billion acquisition of the Netherlands’ NXP Semiconductors until there are “new materials developments” earlier than 11:59 p.m. ET.

The corporate stated it’s going to pursue a inventory buyback of as much as $30 billion as an alternative. The information, together with a wholesome quarter, boosted Qualcomm shares roughly 6% after hours.

“We simply want to supply certainty, not solely to our companions and shareholders, but additionally to the staff as to the place we’re going,” CEO Steve Mollenkopf stated of the choice to desert the merger.

Associated: Do commerce wars harm enterprise? Ask Qualcomm

The NXP deal, first introduced greater than 20 months in the past, has been held up by the Chinese language authorities for months amid the commerce battle with the US.

If it would not undergo, Qualcomm will owe NXP a $2 billion termination price.

CNNMoney (New York) First printed July 25, 2018: 6:05 PM ET

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