Tech

Apple renews Qualcomm deal until 2026, with in-house chip not yet ready

Shares in the San Diego-based Qualcomm surged on news of the extension

Apple is Qualcomm’s largest customer. Picture: Bloomberg

Apple will extend an agreement to get modem semiconductors from Qualcomm for three more years, a sign that its ambitious effort to design the chips in-house is taking longer than expected. Qualcomm shares surged on the news.

The new pact will cover “smartphone launches in 2024, 2025 and 2026,” Qualcomm said in a statement today. The companies’ agreement had been set to end this year, with the latest iPhone - which is due to be ...