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Apple loses bid to cancel Qualcomm smartphone patent in the U.S. Supreme Court

Yahoo Finance Video

The Supreme Court refused to hear Apple's bid to cancel three Qualcomm smartphone patents, part of a dispute that originated back in 2017.

Video transcript

[AUDIO LOGO]

[MUSIC PLAYING]

- It's time for Triple Play, the three stocks that we're watching in the final 30 minutes of trading. We've got a twofer with Qualcomm and Apple, Blue Apron and [? Take ?] [? Two. ?] Now we'll kick us off with Apple and Qualcomm. Apple's patent dispute with chipmaker Qualcomm was dealt a blow in the Supreme Court today. Now the court again refusing to hear Apple's bid to cancel three Qualcomm smartphone patents. Now this follows a similar decision in June involving two other related Qualcomm patents. Now, this standoff is part of a broader dispute that's been going on since 2017, when Qualcomm accused Apple of infringing on tech used in its iPhones, iPads, and its watches.

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Now the multibillion settlement resulting from that in 2019 did include a license for Apple to keep using Qualcomm chips in iPhones, but it also left questions, as that license is going to expire in 2025. And Apple is afraid that it's going to get sued again at that point. The courts, though, not convinced, and clearly, investors not worried about it either based on the stock moves we're seeing today, especially as Apple continues the brisk pace of developing its own chips to rival Qualcomm. So both stocks doing well today. Clearly not that worried, Seana.

- Yeah, they're not that worried. The move today, also, of course, comes as a broader market rally too. But when it comes to Apple and Qualcomm, this saga has been going on for five years. So the ruling we got today upheld the previous ruling. Like you said, the next test could be in a few years when that patent does run out in 2025-- or 2024, excuse me. That could potentially bring these two back into going head-to-head. But at least for right now, some of that tension does seem to subside. But we'll see whether or not Qualcomm decides to challenge Apple.