QualcommThe stock rose by more than 6 percent on Tuesday following the release of bullish forecasts to investors at a conference in New York.

Qualcomm CEO Cristiano Amon stated, “This company is not defined by a single customer or a single market.”

Qualcomm supplies Apple with wireless chips, but it said that only 20% of modem chips required for its 2023 iPhone will be available. According to company officials, they declined to reveal how much of their current revenue is derived from Apple. According to the company, total chip sales reached $27 billion by 2021.

Qualcomm claimed that its whole chip business (QCT) will increase at least 12.5% by 2024. However, it also predicts that its sales with Apple will drop to just a single-digit percent by 2024.

There’s a chance to sell to Apple as we invest more in RF frontend technology. Amon explained that Apple’s supply chain is based on the same assumptions as the plan. So everything about Apple should be considered upside-down.

This article is about AppleReply to my request was not immediately returned. Apple purchased IntelIn 2019,’s modem business is in progress and working on its own wireless technology 5G. But, it hasn’t publicly shared its plans for modems.

Qualcomm CFO Akash Pakhiwala stated that the primary goal of Qualcomm in smartphones is to produce high-end Android phones.

These indications were what analysts had sought to find out from Qualcomm before they went into Qualcomm’s investor day.

Stacy Rasgon from Bernstein wrote that Apple could eventually integrate their chipsets. This is an overhanging concern on the stock multiple. We believe investors are seeking clarity as to the potential earnings power they may underwrite with no Apple chips.

Qualcomm was once primarily known for its supply of processors and wireless chips for mobile phones. But it stated that its business has expanded and more than one third of its revenue is driven now by chips that are used to power various types of other devices such as automobiles or virtual reality headsets.

Qualcomm, for example, stated that its IoT chips (low-power chips required to power smart appliances) will generate revenues of up to $9 Billion by 2024. This is up from $5.06B in 2021.

The company also announced Tuesday that it could achieve $8 billion sales over the next ten years. This is an increase of less than $1 billion for 2021. Qualcomm will supply chips to self-driving vehicles through its new partnership with BMW.