Apple Inc.

Apple-Qualcomm deal reshapes U.S. chip business

Qualcomm logo with an airpod
Illustration: Rebecca Zisser/Axios

Apple's surprise deal with Qualcomm not only resolved one of the biggest legal disputes in the tech industry, but changed the balance of power in the chip industry.

What's happening: Just hours after announcing the settlement — which included a multiyear agreement for Qualcomm to supply chips to Apple — Intel said it was scrapping plans to release a 5G modem chip next year.