It was another day of bad news for Intel Corp. on Wednesday, as a new data point suggests that it may lose Apple Inc.’s modem business, according to a note from Northland analyst Gus Richard.
Richard, who rates the stock the equivalent of a sell, wrote that MediaTek Inc., which manufactures modems, might displace Intel for the product at Apple, which he says has been rumored to be working on their own modem. Apple is already planning to phase out Intel chips in Mac computers as soon as 2020, people familiar with the plans said in April. Shares of Intel fell as much as 1.3 percent on Wednesday before paring losses as of 12:00 p.m. New York time.
