Apple 5G Modem Chip Drowns & Qualcomm Stock Rises


A renowned Apple stock analyst stated Tuesday that Apple's (AAPL) attempts to replace Qualcomm (QCOM) as a supplier of 5G modem chips for the iPhone had encountered a technological hitch. Qualcomm's shares increased in response to the announcement.

Qualocomm Stock on the Rise

TF International Securities analyst Ming-Chi Kuo said on Twitter that Apple appeared to have "failed" in its internal development of a 5G modem chip. According to him, Qualcomm would continue to be the exclusive provider of 5G iPhone modem chips until the second half of 2023. Apple chips were not just enough despite boost in certain functions such as clone phone. Qualcomm earlier anticipated that it will only provide 20% of the iPhone processors in late 2023.

According to Kuo, the breakthrough is anticipated to raise Qualcomm sales and profit predictions for 2023 and early 2024. Qualcomm stock closed at 131.60 today, up 3.5 percent on the day. In an otherwise negative day for markets, Apple shares fell 3% to 137.44.

Qualcomm is transitioning its business from creating wireless chips primarily for smartphones to making them for a variety of Internet of Things devices. This includes automotive processors, Arm-based PCs, and virtual and augmented reality headsets.

According to IBD Stock Checkup, Qualcomm stock ranks sixth out of 33 stocks in the fabless semiconductor business category. It has a score of 72 out of 99 on the IBD Composite. IBD's Composite Rating combines five distinct proprietary criteria into a single, simple rating. A Composite Rating of 90 or above indicates the top growth stocks.


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