Apple Modem Setback

A less benign but plausible outcome is that the failure is tied to Apple's expanding use of its own modem or radio architecture following the 2025 iPhone 16e debut. That would raise questions about Apple's ability to fully displace Qualcomm modems across premium iPhones.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.