By Chavi Mehta

(Reuters) – Investors used to believe that Qualcomm (NASDAQ) Inc had fallen with Apple Inc. (NASDAQ)’s iPhone. This iPhone connects to mobile data networks using a modem chip manufactured by the San Diego-based company.

Qualcomm will be giving an investor presentation on Tuesday. It will discuss its plans for placing its chips in everything. This includes self-driving cars, virtual reality headsets and telecommunications equipment. However, analysts say that the looming loss to Apple might not have much impact on Qualcomm’s profits.

Stacy Ragson, Bernstein analyst wrote that revenues have reached a point that the concern about Apple moving away has become much less.

Cristiano Amon was the chief executive of chip company before being promoted to chief executive.

Qualcomm stated earlier this month that it expected adjusted earnings growth greater than 20% in fiscal 2022. Wall Street was expecting growth of only 12.5% according to IBES data by Refinitiv. The company’s shares have increased almost 19% in the year since Qualcomm released its forecast.

Amon declared that “anything beyond (Apple’s) contract is an upside of our model,” during an earnings call on Nov. Their devices are numerous. If there’s a way to help, they will be happy to work with us on supply.

Analysts predict that Apple’s business will not collapse at once. Evercore ISI analyst CJ Muse said “it’s a matter of when not if,” Apple leaves.

Angelo Zino, CFRA Research stated that Apple will likely leave gradually and introduce internal chips to one or two devices first.

Qualcomm’s market share in Android phones has increased over the past year as Qualcomm customers fill the gap created by Huawei leaving the market. For supply, brands such as Honor in China are looking to the U.S. chip company.

“Qualcomm’s China handset (revenue) is growing faster than Apple is growing, which is helping to offset any Apple reductions,” Patrick Moorhead, founder of Moor Insights & Strategy said.