Balanced News: Qualcomm says it will supply Apple with 5G modems for iPhones through 2026

Qualcomm has announced that it will supply Apple with 5G modems for iPhones through 2026, contrary to previous expectations that Apple would develop its own modem. This deal will benefit Qualcomm’s handset business and help offset the potential loss of a significant customer. About 21% of Qualcomm’s revenue in 2022 came from Apple, and the company also collects royalties from Apple under a six-year agreement. While Qualcomm expects its supply of modems to Apple to decline in the future, it still anticipates supplying 20% of the modems needed for Apple’s 2026 smartphone launch.