Apple is developing its own 5G baseband for the use in its future iPhones, iPads, wearables and other devices. The company acquired Intel's 5G modem business in 2019 to accelerate its internal modem development effort. How does Apple's internal 5G modem development effort affect its 5G modem supplier Qualcomm's business in the short-to-long term? How much revenue is at stake for Qualcomm? What is Apple's contribution to Qualcomm's modem business in terms of shipments? Is Qualcomm prepared?
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