- The stock price of Qualcomm, Inc. (NASDAQ: QCOM) fell by 6.46% today. This is why it happened.
The stock price of Qualcomm, Inc. (NASDAQ: QCOM) fell by 6.46% today. Investors appear to be responding negatively to an AppleInsider report saying that Apple could use its own 5G baseband chips for the iPhone as early as 2023.
AppleInsider’s source for the report was analyst Ming-Chi Kuo — who is known for having a solid track record of making correct guesses about Apple’s plans.
“We predict that the iPhone will adopt Apple’s own design 5G baseband chips in 2023 at the earliest,” said Kuo in the report via AppleInsider. “As Android sales in the high-end 5G phone market are sluggish, Qualcomm will be forced to compete for more orders in the low-end market to compensate for Apple’s order loss.”
Several other chipmakers also saw their stock prices fall due to a broader selloff associated with investor concerns that higher inflation during the pandemic recovery may have an effect on high-growth names. The Nasdaq fell by 2.6%, which is its worst day since March.
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