QUALCOMM, Inc. (NASDAQ:QCOM) stock was up more than 5% as the iPhone manufacturer was boosted at the start of a pivotal week for Apple.
The chip manufacturer, in a statement, told investors that it had secured its engagement with Apple to make modem chips - SnapDragon 5G modem-RF - for Apple until at least 2026, extending its existing arrangement for another three years.
It comes as Apple has been pushing R&D resources, acquired in 2019 from Intel, to develop its own in-house chips to replace the third-party supply from Qualcomm.
Qualcomm described the terms of the supply contract as ‘similar’ to its prior three-year extension.
In New York, Qualcomm was up $5.61 or 5.29% trading at $111.75.