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Illustration: Rebecca Zisser/Axios

Apple on Thursday agreed to buy the majority of Intel's smartphone-modem chip business for $1 billion.

Why it matters: Apple will get to control more of its own supply chain. It's also a disappointment for Qualcomm, which is just now getting back Apple's modem business after settling its long-running legal dispute with the iPhone maker.

Under the deal:

  • About 2,200 Intel employees will join Apple.
  • Apple will also acquire many of Intel's cellular-related patents, along with some leases and equipment.

The deal had been widely anticipated, though, after that settlement. The day the deal was signed, Intel announced it was ending plans to develop a 5G modem chip and weighing the future of its modem chip business.

With Apple being the only major customer for a standalone modem chip, it didn't make sense for Intel to keep going in the business. (Most phone makers either make their own modem chips or use an integrated processor and modem from Qualcomm.)

Yes, but: Qualcomm will still have Apple's modem business for a while, thanks to the multiyear chip deal it signed as part of the legal settlement. It will also take Apple's in-house team a while to get its own 5G modem chips ready.

Separately: Intel posted quarterly results that exceeded expectations and raised its full-year earnings estimate. Its stock price rose in after-hours trading.

Go deeper

Resurrecting Martin Luther King's office

King points to Selma, Alabama on a map at his Southern Christian Leadership Conference office in Atlanta in January 1965. Photo: Bettmann/Getty Contributor

Efforts to save the office where Dr. Martin Luther King, Jr., planned some of the most important moments of the civil rights movement are hitting roadblocks amid a political stalemate.

Why it matters: The U.S. Park Service needs to OK agreements so a developer restoring the historic Prince Hall Masonic Lodge in Atlanta — which once housed King's Southern Christian Leadership Conference — can tap into private funding and begin work.

Off the Rails

Episode 4: Trump turns on Barr

Photo illustration: Eniola Odetunde/Axios. Photos: Drew Angerer, Pool/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. Axios takes you inside the collapse of a president with a special series.

Episode 4: Trump torches what is arguably the most consequential relationship in his Cabinet.

Attorney General Bill Barr stood behind a chair in the private dining room next to the Oval Office, looming over Donald Trump. The president sat at the head of the table. It was Dec. 1, nearly a month after the election, and Barr had some sharp advice to get off his chest. The president's theories about a stolen election, Barr told Trump, were "bullshit."

In photos: Protests outside fortified capitols draw only small groups

Armed members of the far-right extremist group the Boogaloo Bois near the Michigan Capitol Building in Lansing on Jan. 17. About 20 protesters showed up, AP notes. Photo: Seth Herald/AFP via Getty Images

Small groups of protesters gathered outside fortified statehouses across the U.S. over the weekend ahead of President-elect Joe Biden's inauguration Wednesday.

The big picture: Some protests attracted armed members of far-right extremist groups but there were no reports of clashes, as had been feared. The National Guard and law enforcement outnumbered demonstrators, as security was heightened around the U.S. to avoid a repeat of the Jan. 6 U.S. Capitol riots, per AP.