Apple and Qualcomm Sign iPhone Chip Supply Deal

It appears Apple’s in-house 5G modem for the iPhone just isn’t ready for prime time, yet.

On Monday, on the eve of Apple’s iPhone 15 series announcement, Qualcomm announced it has “entered into an agreement with Apple to supply Snapdragon 5G Modem‑RF Systems for smartphone launches in 2024, 2025 and 2026,” said the company in an emailed statement.

“This agreement reinforces Qualcomm’s track record of sustained leadership across 5G technologies and products,” said the company in its announcement.

Currently, Qualcomm supplies Apple with 5G modems for the latter’s iPhones and that doesn’t appear to be ending anytime soon.

Previously, Qualcomm’s CEO said it expected Apple to use its own modems for the iPhone in 2024, but today’s announcement nixes that idea.

The announcement today sent shares of Qualcomm up 3.3%, trading at $109.68 per share.