Christiano Amon announces the Snapdragon 855 mobile platform for 5G in December. Courtesy Qualcomm

Shares of Qualcomm continued to soar on Wednesday as investors reacted to the San Diego-based company’s billion-dollar patent settlement with Apple.

The wireless pioneer’s stock closed up 12.25 percent at $79.08 near its 52-week high. The price continued to rise in after-hours trading.

On Tuesday, it rocketed up 23.4 percent to $70.57 at the close.

Analysts said that in the end, Apple had little choice but to settle if it wanted its iPhones to have the latest 5G technology.

Apple’s alternate supplier, Intel, was reportedly behind in the technology, and following the settlement announced it would exit the market for 5G chips.

Qualcomm CEO Steve Mollenkopf told CNBC Wednesday that Apple and Qualcomm are now working together on 5G technology for smartphones.

“The energy of the companies right now is let’s figure out how to ramp up as quickly as possible,” Mollenkopf said. “That’s where the focus is, that’s what we are excited about.”

Updated at 2:10 p.m., Wednesday, April 17, 2019

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