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Intel is dropping its plan to make 5G cellular modems, with the announcement coming just hours after Apple reached a deal with rival Qualcomm to settle a patent dispute.

Why it matters: Apple had been giving Intel an increasing share of the iPhone modem business as tensions were ratcheting up with Qualcomm. However, as part of its settlement, Apple reached a multiyear deal to get chips from Qualcomm.

Intel, which currently supplies all the modems for the iPhone XS and XR, said it will "continue to meet current customer commitments for its existing 4G smartphone modem product line," but is assessing its options for the modem business and no longer plans to release a 5G modem next year as it had planned.

Apple had been expected to be the main, if not the only significant, customer for that modem chip. However, the deal with Qualcomm made it clear that the modem business opportunity with Apple was likely to shrink, if not go away entirely.

Intel says it will now explore whether there is enough of a business opportunity in selling 4G and 5G modems for computers and Internet-of-things devices while continuing to invest in making components for 5G network infrastructure.

What they're saying: “We are very excited about the opportunity in 5G and the ‘cloudification’ of the network, but in the smartphone modem business it has become apparent that there is no clear path to profitability and positive returns,” said Intel CEO Bob Swan. “5G continues to be a strategic priority across Intel, and our team has developed a valuable portfolio of wireless products and intellectual property. We are assessing our options to realize the value we have created, including the opportunities in a wide variety of data-centric platforms and devices in a 5G world.”

What's next: Intel said it would have more to say when it reports earnings April 25.

Go deeper

6th victim dies following South Carolina shooting

Jack Logan, founder of Put Down the Guns Young People, places stuffed animals and flowers outside of Riverview Family Medicine and Urgent Care on Friday after the fatal shooting in Rock Hill, South Carolina, a day earlier. Photo: Sean Rayford/Getty Images

The only survivor of this week's mass shooting in South Carolina by former NFL player Phillip Adams has died of his injuries, authorities said Saturday.

Details: Robert Shook, 38, an air conditioning technician from Cherryville, North Carolina, died of gunshot wounds from Wednesday's shooting at a doctor's home in Rock Hill, S.C., which claimed the lives of five other victims.

2 hours ago - World

In photos: Egypt unveils 3,000-year-old "lost golden city"

A view on Saturday of the city, dubbed "The Rise of Aten," dating to the reign of Amenhotep III, uncovered near Luxor. Photo: Khaled Desouki/AFP via Getty Images

A top Egyptian archaeologist on Saturday outlined details of a newly rediscovered "lost golden city" near Luxor that dates back more than 3,000 years.

Why it matters: Zahi Hawass told NBC News the large ancient city, unveiled Thursday, tells archaeologists for the first time "about the life of the people during the Golden Age." Johns Hopkins University Egyptology professor Betsy Brian said in a statement it's "the second most important archeological discovery since the tomb of Tutankhamen."

1 dead as severe storms pummel the South

A tree that fell on a home carport damaged a vehicle during a storm in Central, Louisiana. No injuries were reported, according to Central Fire Department. Photo: Central Fire Department/Twitter

Strong storms lashed the South early Saturday, spawning at least one tornado and unleashing powerful winds and hail. And forecasters warned more severe weather was expected to hit parts of the region in the coming hours.

Details: Thousands of customers lost power in Florida, Mississippi, Arkansas, Texas and Louisiana, according to tracking site poweroutage.us. An F3 tornado that hit St Landry Parish, Louisiana, killed one person and wounded seven others.