Qualcomm stock jumps 23% on surprise settlement with Apple

Qualcomm stock jumps 23% on surprise settlement with Apple

It looks as though the other shoe has dropped with followings Apple's surprise settlement with Qualcomm over patent licensing fees (as we predicted).

Intel Corp, the sole supplier of modem chips for iPhones, has said its 5G chips will not appear in mobile phones until 2020, raising the possibility that Apple, its biggest customer, will be more than a year behind rivals in delivering a device that uses the faster 5G networks. The two companies have drawn up a six-year license agreement with a two-year option to extend this agreement and a multiyear chipset agreement. This means that the pair will stop any further litigation (as far as this particular matter is concerned).

Two years ago, Apple sued Qualcomm for more than $1 billion in unpaid royalties, claiming Qualcomm engaged in unfair patent licensing practices.

"What this means in the case of the iPhone is that when Apple engineers create a revolutionary new security feature such as touch ID, which enables breakthrough technologies like Apple Pay, Qualcomm insists on royalties for these and other innovations it had nothing to do with and royalty payments go up", it said. News of the surprise truce Tuesday sent Qualcomm stock soaring more than 23 percent, to almost $70.50 a share.

The prospective jurors who didn't make it on the panel included a retired employment lawyer, a man who volunteered that he didn't like the direction Apple had been going, and a "private fiduciary". With a mobile network transition toward 5G technology underway and Intel's 5G modems stumbling, and Qualcomm's 5G Snapdragon family looking good, Apple may have chosen to pay Qualcomm rather than face potential supply chain problems with Intel. Apple executives testified in January at a trial between the U.S. Federal Trade Commission and Qualcomm that Apple's policy is always seek several suppliers.

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Apple and Qualcomm have settled their patent royalty dispute.

The settlement includes an unspecified payment from Apple to chipmaker Qualcomm.

The row between the pair began in 2017 when Apple first filed a legal complaint. It has also been hit with competition fines in South Korea, although the Japanese authorities have found in Qualcomm's favor. Apple stock increased by 2 cents to $199.25.

The two-year legal fight centered around Apple's purchase of modem chips from Qualcomm. Apple's new agreement with Qualcomm accelerates the move off of Intel, and takes the pressure off of Apple's internal modem development group. The trial ballooned into a $27 billion, five-week affair with Qualcomm wanting damages of its own for breach of contract.

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