As Qualcomm's major victory against Apple sent semiconductor stocks to reco...
SAN FRANCISCO - As Qualcomm’s major victory against Apple sent semiconductor stocks to record highs on Wednesday, the sector’s strong recent rally may be at odds with uncertainty about an ongoing downturn in global demand.
With the Philadelphia Semiconductor index jumping 1.4% on Wednesday to its second straight record high and now up 35% year to date, upcoming March-quarter reports could become a make-or-break moment for investors. Announced on Tuesday, Apple’s surprise settlement with Qualcomm calls for its iPhones to once again use Qualcomm’s modem chips. As a result, Qualcomm’s stock has seen its strongest two-day gain since 1999, up 35% and adding $26 billion to the chipmaker’s market capitalization.
Intel surged 3.6% to a record high after it said hours after the Apple settlement was announced that it would stop making modem chips, an unprofitable business that some investors believe the company is better off without.
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