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Photo: Andrej Sokolow/picture alliance via Getty Images

Qualcomm acknowledged Wednesday that it expects Apple will go exclusively with rival chipmakers to supply the modems on the next iPhone. The move comes as the two companies remained locked in a bitter licensing dispute.

Why it matters: Although Apple designs its own processors, it relies on others for modem chips and had been a big Qualcomm customer until recently. Apple has used a mix of Intel and Qualcomm modems in recent iPhones. Qualcomm will still supply some modem chips for older iPhone models.

Separately: Qualcomm announced earlier Wednesday it expects to drop its long-running NXP Semiconductors bid and will instead launch a $30 billion stock buyback. The company also posted quarterly financial results that beat analyst expectations.

Go deeper

12 mins ago - World

China's Xi swipes at U.S.: "Countries shouldn't impose rules on others"

China's President Xi Jinping during a video summit in Beijing on Friday. Photo: Li Xueren/Xinhua via Getty Images

China's President Xi Jinping on Tuesday warned against "bossing others around or meddling in others' internal affairs" and called for "more fair and equitable" global governance.

Why it matters: Xi's thinly veiled swipes at the U.S. during an online speech at the Boao Forum for Asia economic forum come at a time of heightened tension between Beijing and Washington over trade, human rights and China's strategic and economic ambitions.

U.S. ambassador to Russia will return home briefly: State Department

John Sullivan, U.S. Ambassador to Russia, during a briefing in Moscow in 2015. Photo: Anton Novoderezhkin/TASS via Getty Images

The State Department said Monday that the U.S. ambassador to Russia, John Sullivan, will now be returning to the United States this week before returning to Moscow "in the coming weeks."

Why this matters: The statement, from a State Department spokesperson, comes just hours after Axios reported that Sullivan had indicated he intended to stand his ground and stay in Russia after the Kremlin “advised” him to return home to talk with his team.

Scoop: Leaked Ukraine memo reveals scope of Russia's aggression

Russian President Vladimir Putin visits a military exposition in Sevastopol, Crimea, in Jan. 2020. Photo: Mikhail Svetlov/Getty Images

Russia has been holding last-minute military exercises near commercial shipping lanes in the Black Sea that threaten to strangle Ukraine's economy, according to an internal document from Ukraine's ministry of defense reviewed by Axios.

Why it matters: With the eyes of the world on the massive buildup of troops in eastern Ukraine, the leaked memo shows Russian forces escalating their presence on all sides of the Ukrainian border.