Qualcomm’s stock meanwhile rose more than 3% to $131.60.
Apple didn’t immediately respond to a request for comment.
In the meantime, Kuo said he expects Apple will continue 5G chip development, despite its seeming setbacks.
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Apple Rumored Struggling to Make 5G Modems, Will Rely on Qualcomm
A well-known analyst and leaker's report on Apple's efforts to build its own 5G modems sent Apple shares down and Qualcomm shares up.
