Apple Renews Qualcomm Deal in Sign Its Own Modem Chip Isn’t Ready
- Pact between the companies had been scheduled to end this year
- The iPhone maker has been trying to create its own components
This article is for subscribers only.
Apple Inc. is extending an agreement to get modem semiconductors from Qualcomm Inc. for three more years, a sign that its ambitious effort to design the chips in-house is taking longer than expected. Qualcomm shares surged on the news.
The new pact will cover “smartphone launches in 2024, 2025 and 2026,” Qualcomm said in a statement Monday. The companies’ agreement had been set to end this year, and the latest iPhone — due on Tuesday — was expected to be one of the last to rely on the Qualcomm modem chip.