Qualcomm CEO hinted that Apple would choose Intel LTE chip for iPhone 7

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Qualcomm’s shares fell after the CEO of the company hinted that its biggest customer can choose Intel, reported Bloomberg. Under largest customers we understand Apple, which allegedly will choose LTE modems from Intel for iPhone 7.

Qualcomm Inc., the world’s largest maker of chips that go inside smartphones, indicated on an earnings call Wednesday that it may be losing some orders from Apple for modem chips that link the iPhone to the web. Qualcomm Chief Executive Officer Steve Mollenkopf told analysts he is “assuming” that a major customer will give orders to a rival, indicating a potential loss of business for the company…

Analysts said they think the customer is Apple. Apple and Samsung Electronics Co., are the San Diego-based chipmakers’ biggest customers, according to data compiled by Bloomberg. Samsung already uses multiple suppliers, leaving only Apple to make this change.

Qualcomm is the largest manufacturer of smartphone chips in the world and a withdrawal of companies such as Apple may be quite serious blow to its business. Qualcomm stock fell as much as 2.5 percent this morning following the news from Bloomberg.

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