: Qualcomm stock drops on report Apple’s developing its own iPhone modem chips

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Qualcomm Inc. QCOM shares fell Friday following a report that Apple Inc. AAPL is looking to gain independence from the chipmaker when it comes to modems. Qualcomm shares fell as much as 9% Friday and were last down 7.5% at $144.02. Late Thursday, Bloomberg reported that Johny Srouji, Apple’s head of hardware technologies, announced during a town-hall meeting that the tech giant had started internal development of its own cellular modem, a key smartphone part that Apple currently gets from Qualcomm. Recently, Qualcomm shares got a boost on a strong forecast given Apple’s rollout of 5G-enabled phones using Qualcomm chips. When Apple will be able to produce its own modem chips is unclear but the iPhone maker still has some time given it signed a six-year licensing deal with Qualcomm back in April 2019.
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