Apple Dumps Broadcom, Qualcomm
Photo by Medhat Dawoud / Unsplash

Apple Dumps Broadcom, Qualcomm

And, CVS eyes health care network.

Steven Lerner
Steven Lerner

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Apple Dumps Broadcom, Qualcomm

Technology giant Apple (Nasdaq: AAPL) is on the verge of making major changes to its devices.

Details: According to a report from Bloomberg on Monday, Apple will replace chips in its devices with homegrown parts in 2025. That means Apple will stop using Wi-Fi and Bluetooth chips from Broadcom (Nasdaq: AVGO). Apple has not commented on the report.

Big Picture: Apple’s decision to make this change could be devastating to Broadcom. Apple is one of Broadcom's biggest clients. Shares of Broadcom dropped 0.50% in after-hours trading. The stock is down 7% in the last 12 months.

Also: By the end of 2024 or by early 2025, Apple will also swap out electronics from Qualcomm (Nasdaq: QCOM), according to the report.

Background: While Apple’s devices have depended on these third-party suppliers, the company wants to build its own parts to save money. A few years ago, Apple did something similar by no longer using parts from Intel (Nasdaq: INTC).

Stock Price: Apple’s stock is down 24% in the last 12 months. It recently hit a 12-month low as well.

Final Thoughts: Apple has been plagued with problems lately, including production challenges for its iPhone supply chain. The decision to leave Broadcom is refreshing news because it is positive for Apple.


Notable Earnings Today: Albertsons (NYSE: ACI), Saratoga Investment (NYSE: SAR), TD Synnex (NYSE: SNX), Inotiv (Nasdaq; NOTV), Bed Bath & Beyond (Nasdaq: BBBY).

Notable IPOs Today: American Lithium Corp. Common Stock (Nasdaq: AMLI), SYLA Technologies Co., Ltd. American Depositary Shares (Nasdaq: SYT), Atlas Lithium Corporation Common Stock (Nasdaq: ALTX).

Notable Equity Crowdfunding Campaigns Ending Today: CineLogic (StartEngine), Intelomed (StartEngine), Jenni Earle (Netcapital).

Notable Economic Events Today: Fed Chair Jerome Powell speaks (9:00 a.m. ET), EIA Short-Term Energy Outlook (12:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

CVS Eyeing Health Care Network

Photo by Worm Funeral / Unsplash

It seems that CVS Health (NYSE: CVS) might be taking another step to becoming a healthcare provider.

Details: According to a Bloomberg report on Monday, CVS is exploring an acquisition of Oak Street Health (NYSE: OSH). The deal, which could be finalized in weeks, would value the healthcare network at $10 billion. CVS has not commented on the report yet.

Big Bounce: Shares of Oak Street Health jumped 36.91% in after-hours trading on Monday.

Background: CVS revealed last year that it wants to buy or take a stake in a primary care company. This potential acquisition would be a step in that direction. Oak Street Health operates health centers for older adults on Medicare.

Final Thoughts: Shares of CVS are down 12% in the past 12 months as the healthcare industry remains in flux. Oak Street Health is down 8% in the past 12 months.

Aptos Gets Altcoin Boost

The price of the cryptocurrency Aptos jumped 24% on Monday as altcoins managed to outperform many of the more well-known coins.

Final Thoughts: Aptos, which officially launched late last year, has lost over 30% of its value. A strong 2023 can turn the price around.

What the Doctor Ordered: Teladoc narrows revenue guidance for 2022, stock rallies (MarketWatch)

What Year Is This: Bob Iger orders Disney employees back to the office four days a week (Los Angeles Times)

Comeback Year: This year may be pivotal for the future of cryptocurrency (NPR)

Nosedive: Virgin Orbit stock plummets after failure of its first UK rocket launch (CNBC)

Impact Investing: XeroE, which Leverages Science-based Software to Support Emission-Free Deliveries, Raises £256K+ via Seedrs (Crowdfund Insider)

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