When it does, Apple will no longer be dependent on Qualcomm.
But, given that Qualcomm has its own chip design talent, will Apple want it to emerge as a hardware competitor? What is the risk that some key patents used by Apple may suddenly migrate from Intel to Qualcomm if such a deal does take place? After all, one of the key disputes between both firms has been around patent licensing costs.
All of this is speculation, of course: Qualcomm may never bid for Intel’s PC business. But if it does, and if Apple doesn’t like it, then it may be instructional to note that Qualcomm’s market cap currently stands at $182 billion, in contrast to Intel’s $82.7 billion and Apple’s eye-watering $3.38 trillion.