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Intel (INTC) announced Tuesday that it will no longer manufacture 5G modems for smartphones. Instead, he plans to determine whether to create 4G and 5G modems for PCs and other Internet-connected devices.
Bob Swan, CEO of Intel, said in a press release that there was "no clear path to profitability and positive returns" for the smartphone modem business.
"5G continues to be a strategic priority for Intel and our team has developed a valuable portfolio of wireless products and intellectual properties," said Swan. "We are evaluating our options to realize the value we have created, including the opportunities offered by a wide variety of data-centric platforms and devices in a 5G world."
The company said it would maintain its investment in its 5G infrastructure business.
The 5G is a wireless network connection that will be 100 times faster than 4G. It's enough to stream "8K" video or download a 3D movie in 3 seconds. (On 4G, it would take six minutes.) The extra bandwidth of the 5G will make the service more reliable, allowing more gadgets to connect to the network at the same time.
This announcement comes shortly after Apple and chip maker Qualcomm agreed to file any dispute between the two companies. The settlement included an unspecified payment of Apple (AAPL) at Qualcomm (QCOM)and businesses will continue to work together.
One of Qualcomm's products includes the Snapdragon X50 5G Modem, which, according to the company, is designed to support 5G networks.
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