Qualcomm surges on Apple supply deal

Qualcomm shares surged on Monday after it said it will supply Apple with 5G modems for smartphones from 2024 until 2026.

The company said it has entered into an agreement to supply Apple with Snapdragon 5G Modem‑RF systems for smartphone launches.

"This agreement reinforces Qualcomm's track record of sustained leadership across 5G technologies and products," it said.

At 1320 BST, Qualcomm shares were up 5.3% at $111.77 in pre-market trade.

It was previously thought that Apple would use an internally developed 5G modem from 2024.