Why Qualcomm Stock Fell Today
Shares of Qualcomm (NASDAQ: QCOM) have fallen today, down by 8% as of 12:05 p.m. EST, following a Bloomberg report that Apple (NASDAQ: AAPL) has officially started to work on its in-house cellular modem. Qualcomm just started selling modem chips to Apple for the iPhone 12 lineup following a bitter two-year legal battle.
Apple's chip chief Johny Srouji told employees in an internal town hall meeting that the company had "kicked off the development of our first internal cellular modem" earlier this year, according to the report. The Cupertino tech giant had acquired the remnants of Intel's modem business last year for $1 billion, which was the clearest sign yet of Apple's plans. That purchase included a team of engineers to jump-start the efforts, according to Srouji.
Image source: Apple.
Source Fool.com
