QUALCOMM Inc (NASDAQ:QCOM) shares are surging Tuesday afternoon after a TF Securities analyst posted a tweet suggesting Qualcomm could remain the exclusive supplier of 5G chips for new iPhones due during the second half of 2023.
TF Securities analyst Ming-Chi Kuo suggested that Apple Inc.'s (NASDAQ:AAPL) iPhone 5G modem chip development may have been unsuccessful, citing his latest survey.
"Qualcomm's revenue and EPS in 2H23-1H24 will likely beat market consensus thanks to its sole supplier position for 5G chips of 2H23 new iPhones as Apple fails to replace Qualcomm," Kuo said in the tweet.
"I believe Apple will continue to develop its own 5G chips, but by the time Apple succeeds and can replace Qualcomm, Qualcomm's other new businesses should have grown enough to significantly offset the negative impacts caused by the order loss of iPhone 5G chips," he added.
See Also: Apple Mixed Reality Headset Could Feature The Powerful M2 Chip
QCOM Price Action: Qualcomm has traded between $193.58 and $118.22 over a 52-week period.
The stock was up 5.31% at $133.85 at press time, according to data from Benzinga Pro.
Photo: courtesy of Qualcomm.
