Qualcomm jumps as analyst calls it 'biggest winner' from Apple canceling iPhone SE
Justin Sullivan

Qualcomm (NASDAQ:QCOM) shares jumped nearly 4% on Friday - amid a rise in the broader market - as an influential analyst called the San Diego-based chip firm the "biggest winner" of Apple (NASDAQ:AAPL) reportedly canceling the next version of the iPhone SE.
TF International Securities analyst Ming-Chi Kuo said on Friday that Qualcomm (QCOM) would likely stay the "exclusive supplier" of baseband chips for the iPhone 16 series, due in 2024, compared to expectations that it would start to lose orders from Apple (AAPL) next year.
"Due to concerns that the performance of the in-house baseband chip may not be up to par with Qualcommâs, Apple initially planned to launch its baseband chip in 2024 and let the low-end iPhone SE 4 adopt it first, and decide whether to let the iPhone 16 use its baseband chip depending on the development status of iPhone SE 4," Kuo wrote in a blog post. 
"However, the cancelation of the iPhone SE 4 has significantly increased the chances of Qualcomm remaining the exclusive supplier of baseband chips for the 2H24 new iPhone 16 series, which is better than the market consensus that Qualcomm will start losing iPhone orders in 2024," Kuo added.
Last month, Kuo suggested that Apple (AAPL) had canceled the iPhone SE 4 because of weak demand.
There were expectations that Apple (AAPL) would introduce its own 5G chips next year.
Kuo also noted that Qualcomm (QCOM) is likely to continue to dominate the high-end radio frequency market for mobile phones this year and next, resulting in "markedly higher profits" than its competition.
The analyst also noted Qualcomm's (QCOM) product mix should help mitigate the negative impacts of a potential recession and let it return to "solid growth" upon recovery. 
On Thursday, Qualcomm (QCOM) unveiled Snapdragon Satellite, a satellite-based two-way capable messaging solution for high-end Android phones.