The two companies—which have had legal face-offs in China, Germany and the U.S.—reached a settlement that includes an undisclosed payment from Apple to Qualcomm. The companies have also agreed on a six-year global patent licensing agreement as of April 1, which includes a two-year option to extend the agreement and a multi-year agreement to supply chips. (Bloomberg)

Talking point: Both companies will almost certainly benefit from bringing an end to this litigation, which has resulted in iPhone sales bans, and has impacted both companies’ market standings. Qualcomm stock surged over 20 per cent on the news before closing, its biggest one-day advance since November 2017. Apple’s stock rose less than one per cent.