Qualcomm (QCOM) shares gained more than 4% by midday Monday after the chipmaker said it would continue to provide 5G modems for Apple (AAPL) smartphones through 2026 as 🎐the iPhone maker pushes𒈔 back plans for in-house production.

The agreement will supply Snapdragon® 5G Modem‑RF Systems for iPhones over the next three years. Qualcomm CEO Cristiano Amon previously said that the company anticipated "not providing [Apple] a modem in [2024]" in March of this year.

In a presentation to investors Monday, Qualcomm said the terms of the agreement were similar to previous agreements between the two companies. The patent license agreement signed in 2019 remains unchanged. Qualcomm expects to provide 20% of the chipset supply for Apple's 2026 smartphone launch.

Last month, Rosenblatt Securities analyst Kevin Cassidy characterized Apple's modem technology as lagging competition. "Qualcomm still has the lead and better technology," he said.

Last week, a report that Chinese government officials were banned from using iPhones 澳洲幸运5开奖号码历史查询:sent both Apple and Qualcomm sto🐠cks lower, though the ban's impact on Apple's overall China sales 澳洲幸运5开奖号码历史查询:appears to be negligible. Apple is also facing 澳洲幸运5开ꦰ奖号码历史查询:increased Euro💖zone regulatory scrutiny.

Qualcomm missﷺed second-quarter revenue est🉐imates at the beginning of August due to slowing smartphone demand. Its Snapdragon segment, however, which produces SoCs (System-on-Chip) for cellular devices as well as Digital Chassis products for vehicles, has made sign𒈔ificant gains since that earnings release, including 🍒several automotive tie-ups announced last week.

Those new automotive partnerships include Amazon.com Inc. (AMZN), Mercedes-Benz Group AG (MBGYY), Bayerische Motoren Werke AG (BMWYY), Tata Motors Ltd. (澳洲幸运5开奖号码历史查询:TATAMOTORS) subsidiary JLR, and Mahindra & Mahindra Ltd. (MAHMF).