Why Qualcomm Surged Today Even as the Nasdaq Plunged
Shares of Qualcomm (NASDAQ: QCOM) had surged by 4.5% as of 3:17 p.m. ET Tuesday, a performance that was all the more remarkable since the tech-heavy Nasdaq Composite was at that point in the session down by 2.8%.
Obviously, there must have been some very positive company-specific news for Qualcomm to defy the sector-wide sell-off. That came from the declaration by a much-followed analyst that Apple's (NASDAQ: AAPL) efforts to develop its own 5G mobile modem "may have failed," and that Qualcomm will supply 100% of the mobile modems used in the iPhones to be manufactured in 2023.
On Tuesday, Taiwanese analyst Ming-Chi Kuo at TF International Securities tweeted, "My latest survey indicates that Apple's own iPhone 5G modem chip development may have failed, so Qualcomm will remain exclusive supplier for 5G chips of 2H23 new iPhones, with a 100% supply share (vs. company's previous estimate of 20%)."
Source Fool.com
