Investing.com — Shares of Qualcomm Incorporated (NASDAQ:QCOM) fell 1% to $159 after Bloomberg News reported that Apple Inc (NASDAQ:AAPL) plans to roll out its internal modem program next spring , starting with the iPhone SE. .
The entry-level smartphone, set for its first update from 2022, will feature a new component.
Qualcomm has been working to diversify its revenue streams as it faces the possible end of its lucrative relationship with Apple.
Last month, an analyst at President Capital Management warned that Apple’s move to in-house modems could significantly reduce Qualcomm’s profits in the coming years.
Apple intends to follow up the initial release with developing chips, aiming to completely eliminate Qualcomm’s technology by 2027, Bloomberg reported citing sources familiar with the matter.
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