Intel

Intel to quit 5G modem effort after Apple reaches deal with Qualcomm

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.

Qualcomm's CFO leaving for Intel

George S. Davis. Photo: Qualcomm

Qualcomm CFO George Davis is leaving the company today and headed to rival chipmaker, Intel, where he will also serve in the role of CFO. Qualcomm treasurer David Wise will serve as that company's interim CFO.

Why it matters: Intel promoted former CFO Bob Swan to CEO, leaving the company in need of a new financial chief.