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04 November 2017, 12:11 | Deanna Wagner
The news, reported by Bloomberg today, would value Qualcomm shares at around $70, and investors immediately responded enthusiastically by sending Qualcomm stock up almost 14 percent in what Bloomberg says is the largest stock movement for the company in almost a decade. Shares are down almost 16% this year due to legal battles with Apple and the loss of royalties from Apple and an unnamed second licensee.
Shares of Qualcomm surged roughly 15% on the news, while Broadcom's stock climbed more than 3%. Qualcomm has a market cap of around $92 billion as of writing while Broadcom is worth almost $113 billion.
Broadcom, meanwhile, announced it would return its corporate headquarters to the US, in San Jose.
Most recently, Qualcomm filed yet another lawsuit against Apple, with the chipmaker accusing the iPhone maker of breaching a software license contract. The news outlet also noted that the stock of Qualcomm went up 14 percent following the news, which is the largest stock movement for the company in almost a decade.
Five years ago, when smartphone demand was soaring, Qualcomm briefly overtook Intel in market value.
Reports in The Wall Street Journal and elsewhere say Apple is contemplating kicking Qualcomm out of its devices entirely, possibly replacing it with Intel chips. Earlier this week, Qualcomm executives said the legal process would "proceed under the court's schedule", indicating no resolution soon. Apple, in suing Qualcomm, thinks the company is nonetheless overcharging for use industry standard patents, which the law requires be licensed out on fair, reasonable, and non-discriminatory (or "FRAND") terms.
This comes at a time when Qualcomm itself is trying to complete a $47 billion purchase of NXP Semiconductors.
Based on 2016 revenue, the enlarged company would be the world's third-largest chipmaker behind Intel and Samsung Electronics. The two companies are already among the top 10 providers of chips in an industry that's consolidating rapidly.
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