Intel Corporation (INTC) is up 1% to $32 at recent check and it seems that it’s rising on a report that iPhones will ship with Intel LTE chips inside in fiscal 2016.
That news comes from VentureBeat, which writes that Intel’s new wireless 7360 LTE modem chip “will occupy a socket on the new iPhone’s circuit board that’s long been reserved for Qualcomm (QCOM) chips”. The report also says that Intel’s new chip will ship inside a special version of Apple’s (AAPL) iPhone that will be marketed to EMs in Asia and Latin America.
It will be interesting to see how Intel shares will react to the news this session. INTC has declined 4.80% in the last 4 weeks and 15.24% in the past three months. Over the past 5 trading sessions the stock has lost 7.04%. Shares of Intel Corp. are down 12.65% this year.
It’s worth mentioning, that well-regarded KGI Securities analyst Ming-Chi Kuo back in January released a report outlining his expectations for the company’s chips over the next several years. In his report Kuo claimed that approximately 30% of the iPhone 7 in 2016 will ship with Intel’s XMM 7360 solution, while the remaining 70% will feature Qualcomm’s MDM9645M. Based on VB’s article, Kuo’s prediction seems to be spot on.