Arm looks to cancel key Qualcomm chip design license, Bloomberg reports

U.K.-based Arm (ARM) is looking to scrap a key license that allows Qualcomm (QCOM) to use intellectual property to design chips, Bloomberg’s Ian King reports. Arm has given Qualcomm a mandated 60-day notice of the cancellation of the licensing agreement, King writes, adding that the contract allows Qualcomm to create its own chips based on standards owned by Arm. Arm, which is majority-owned by Japan’s SoftBank (SFTBY) sued Qualcomm in 2022 for failing to negotiate a new license after it acquired Nuvia. Qualcomm shares are down over 4% in premarket trading.