Qualcomm Inc (NASDAQ:QCOM) stock is trading higher Monday after the chip designer forged a deal with Apple Inc (NASDAQ:AAPL).
Under the deal, Qualcomm will supply Snapdragon 5G Modem‑RF Systems for the iPhone maker’s smartphone launch in 2024, 2025, and 2026.
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The agreement eyes a 20% share of chipset supply for smartphone launch in 2026.
According to Qualcomm, Snapdragon 5G Modem-RF Systems innovatively integrate the modem, RF transceiver, and RF front-end to allow OEMs to develop high-performance 5G devices for global networks rapidly.
The company calls it “the world’s first commercial modem-to-antenna 5G solution.”
Recent reports indicated Nvidia Corp’s (NASDAQ:NVDA) difficulties in keeping up with the supply of artificial intelligence chips buoyed by the AI frenzy.
The AI kingpin already contacted Samsung Electronics Co (OTC: SSNLF) for support.
Meanwhile, Apple’s rival Huawei Technologies Co, Ltd showcased its latest smartphone offering with cutting-edge processors, intensifying competition with the iPhone maker.
Price Action: QCOM shares traded higher by 7.96% at $114.77 premarket on the last check Monday.
