Qualcomm CEO: 'no plans' to provide Apple with modem chips in 2024
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Qualcomm (NASDAQ:QCOM) CEO Cristian Amon said on Wednesday that he does not expect to continue providing Apple (NASDAQ:AAPL) with a modem chip for its iPhones after 2024, but that it's ultimately up to the Tim Cook-led company.
"Weâre making no plans for 2024, my planning assumption is weâre not providing [Apple] a modem in â24, but itâs their decision to make," Amon said in an interview with CNBC from the Mobile World Congress.
Qualcomm (QCOM) and Apple (AAPL) shares were both fractionally higher in premarket trading on Wednesday.
In January, TF International Securities analyst Ming-Chi Kuo said Qualcomm (QCOM) would likely stay the "exclusive supplier" of baseband chips for the iPhone 16 series, due in 2024.
Kuo said in June that he discovered that Apple (AAPL) had not yet been successful with its development to replace Qualcomm's (QCOM) modem. Instead, the tech giant is likely to keep using Qualcomm for 100% of its supplies, compared to Qualcomm's (QCOM) previous estimates of 20%.
At the time, Kuo estimated the San Diego-based tech Qualcomm (QCOM) will "likely" beat Wall Street's estimates for the second half of 2023 and first of 2024 for both revenue and earnings.
Apple (AAPL) purchased Intel's (INTC) modem business in 2019 and is widely believed to be working on its own chip for use in its devices.
Last month, Qualcomm (QCOM) showed off the semiconductor industry's first advanced-ready 5G modem-RF chip that can be used in smartphones, mixed reality headsets, 5G networks and other areas.