Apple renews modem contract with Qualcomm for three more years ahead of iPhone 15 launch

Apple Inc. is extending an agreement to get modem semiconductors from Qualcomm Inc. for three more years, a sign that its ambitious effort to design the chips in-house is taking longer than expected. Qualcomm shares surged on the news.

The new pact will cover “smartphone launches in 2024, 2025 and 2026,” Qualcomm said in a statement Monday. The companies’ agreement had been set to end this year, and the latest iPhone – due on Tuesday – was expected to be one of the last to rely on the Qualcomm modem chip.