Qualcomm has survived many legal challenges to its patent-driven business model. The suit filed by Apple is a tougher test. Investors took note, wiping $13 billion off of Qualcomm’s market value since news of the suit hit late Friday. One reason is Apple represents about one-quarter of Qualcomm’s licensing revenue, estimates Christopher Caso of CLSA. It is a formidable foe with $132 billion in net cash.

Source: Wall Street Journal January 23, 2017 19:06 UTC