Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Sign up for Axios Pro Rata
Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Want a daily digest of the top Nashville news?
Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.
Want a daily digest of the top Columbus news?
Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.
Want a daily digest of the top Dallas news?
Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.
Want a daily digest of the top Austin news?
Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.
Want a daily digest of the top Atlanta news?
Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.
Want a daily digest of the top Philadelphia news?
Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.
Want a daily digest of the top Chicago news?
Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
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.