Read more: Why is 5G mobile broadband technology such a mystery?īut in the end, both companies agreed on Tuesday to 'dismiss all litigation' against each other worldwide. The chip maker denied the allegations, accusing Apple of abusing its position and of taking legal action to seek lower prices and seeking $7 billion for unpaid royalties it claimed that Apple owed. Read more: Apple bets billions on streaming service to curb Netflix dominanceĪpple said that Qualcomm was effectively insisting on payment for Apple innovations like touch ID or Apple Pay, which the chip maker 'had nothing to do with.'Īs a result, Apple said it had been overcharged by billions as a result and in the lawsuit, the tech giant sought at least $1 billion in compensation from Qualcomm.

Apple accused the chip maker of using this dominant position to charge exorbitant prices for its chips or access to its patents. Qualcomm currently holds the most patents for chips. The battle between the two technology firms was centered on the royalties that Qualcomm charges for its patented chips that enable smartphones to connect to mobile networks.

The move ended a bitter two-year legal fight and sent Qualcomm's stock price soaring more than 23 percent on Wall Street, its best one-day performance in nearly 20 years. Mobile chip maker Qualcomm and tech giant Apple settled on Tuesday a long financial dispute involving some of the technology that lets iPhones to connect to the internet.

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