Apple Inc. plans to buy some of the modem chips for its next-generation iPhone from Intel Corp., denying San Diego-based Qualcomm Inc. some of that business, Bloomberg News said June 10 in a report that cited unnamed sources.
Qualcomm (Nasdaq: QCOM) supplies all modems on the current-generation iPhones, Bloomberg said.
Bloomberg reported that Apple will use Intel modems on phones for the AT&T Inc. network in the United States and in some overseas markets.
Qualcomm modems will go on phones for the Verizon Communications Inc. network in the United States, and will go on phones for the Chinese market.
Shares of Qualcomm ended the day, June 10, at $53.83, down 2 percent from the June 9 closing price — though the overall market was down as well.