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Apple’s (NASDAQ:AAPL) efforts to build a chip for the iPhone are failing as it struggles to replace a key Qualcomm (NASDAQ:QCOM) component.
The device-maker is expected to miss a goal to ship an in-house chip by the spring of 2025, Bloomberg reported, citing people familiar with the situation. Apple (AAPL) had already delayed the plan previously.
Its contract with Qualcomm (QCOM), which it extended this past September, ends in 2026.
Apple’s (AAPL) been unsuccessful thus far in designing its own modem, which links carriers around the world across different environments and conditions. Qualcomm (QCOM), which pioneered the field, Bloomberg said.
The goal for the modem is to be able to download data faster than current technology, but it looks like that’s unlikely based on the current state of development, sources added.
Qualcomm (QCOM) reversed losses after the news published on Thursday afternoon, as shares rose nearly 0.3%. Apple (AAPL) rose 0.8%.
