Apple and Qualcomm settle patent fight after one day in court

Enlarge / Apple CEO Tim Cook speaks during a product launch event on September 12, 2018, in Cupertino, Calif. (credit: NOAH BERGER/AFP/Getty Images)

A high-stakes trial between Apple and Qualcomm kicked off yesterday in a San Diego courtroom. But this afternoon, the companies announced that they had reached a deal in the case.

The news sent Qualcomm stock soaring more than 20 percent. Apple stock saw little change.

Apple and Qualcomm had been locked in a global, years-long legal battle over patent royalties. Qualcomm demands that companies license its patent portfolio before they can buy the company's chips. It's an unusual arrangement, and critics argue it is an abuse of Qualcomm's dominant position in the wireless chip market.

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