Qualcomm gains $30 bln in market value after Apple settlement

Qualcomm Inc added $30 billion to its market value after it resolved a legal battle with Apple Inc, a move that secures its leadership in 5G phone chips and could pave the way for a similar settlement with China’s Huawei Technologies.

The company’s shares, which closed up 23 percent on Tuesday after the announcement, rose as much as 17 percent on Wednesday, hitting their highest in nearly two decades.

The deal with Apple, coming at the cusp of the rollout of high-speed 5G network, could help Qualcomm return to the preeminent position it held in the early 2010s when it dominated the transition to 4G mobile networks and expanded revenues dramatically.