Shares of Qualcomm (NASDAQ: QCOM) were climbing after the chipmaker announced a new supply agreement with Apple, ensuring a key revenue stream will continue through at least 2026.

As of 10:24 a.m. ET, the stock was up 2.8% after opening the session trading up as much as 5.4%.

In a press release this morning, Qualcomm said it has entered into an agreement with Apple to supply Snapdragon 5G Modem-RF Systems for smartphone launches in 2024, 2025, and 2026.

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Source Fool.com