Qualcomm has announced a new deal with Apple. Under this agreement, the chip company will supply 5G chips to iPhone manufacturers until 2026.
The deal with Qualcomm comes as Apple continues to face setbacks in China and looks to build supply chains elsewhere in the world.
Qualcomm shares rose 3.2 percent to $109.55 on Monday after the new deal was announced. However, Apple’s shares did not change significantly.
Neither company has disclosed the value of the new deal.