Qualcomm Claims Apple Owes It $7 Billion, Say Reports
Shares of Apple and Qualcomm edged up slightly just days after Qualcomm claimed in federal court that Apple owes it $7 billion in royalties, according to Bloomberg.

Shares of Apple Inc. (AAPL)  and Qualcomm Inc. (QCOM) edged up slightly Monday, Oct. 29, despite an ongoing legal battle between the two tech giants.

Qualcomm claimed in federal court in California on Friday that Apple owes it $7 billion in royalties, according to a report in Bloomberg.

Apple had virtually stopped making royalty payments to Qualcomm a year ago, according to Bloomberg, as the two engaged in dozens of patent-related claims, counterclaims and fights over licensing.

Apple, meanwhile, claimed that Qualcomm was playing unfair in pricing and with its patents and licensing, according to reports.

Apple also claimed that Qualcomm - the globe's largest supplier of mobile chips - was trying get the iPhone maker to pay double for its patents - both when chips are used in iPhones and also through royalties, according to Reuters.

The dispute dates back to 2017 when Apple argued that Qualcomm was "attempting to extort" Apple over its actions with South Korean regulatory investigators, according to ZDNet.com.

Apple has used Qualcomm modems since 2011 with iPhone 4 but with its newest X phones moved away from Qualcomm to use Intel Corp. INTC, according to a report from MarketWatch last month.

Apple is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AAPL? Learn more now.

More from Technology

Nvidia Reports Earnings on Thursday: 5 Important Things to Watch

Nvidia Reports Earnings on Thursday: 5 Important Things to Watch

Amazon Confirms New Headquarters Will Be in Northern Virginia and NYC

Amazon Confirms New Headquarters Will Be in Northern Virginia and NYC

Apple Raising Prices to Offset Unit Sales Growth Decline Is a Red Flag

Apple Raising Prices to Offset Unit Sales Growth Decline Is a Red Flag

Tencent Reports Earnings on Wednesday: 5 Important Things to Watch

Tencent Reports Earnings on Wednesday: 5 Important Things to Watch

Apple Investors Might Face a Bumpier Road Ahead Without iPhone Unit Sales

Apple Investors Might Face a Bumpier Road Ahead Without iPhone Unit Sales