Globalstar Inc. (NYSEAMERICAN: GSAT) shares jumped about 50% this morning as AppleInsider cited analyst Ming-Chi Kuo’s note that said Apple Inc. (NASDAQ: AAPL) might collaborate with the Louisiana-based company to make its upcoming iPhone 13 come with satellite communication connectivity.
“A customised version of the Qualcomm X60 baseband chip that Apple is expected to use in the iPhone 13 will support low-earth-orbit (LEO) satellite communications,” Kuo wrote in his note.
Why is satellite communication connectivity a big deal?
Provided that an agreement is struck between the two companies, iPhone 13 users will benefit from Globalstar’s satellite communication services. Kuo also expects the U.S. tech giant to later expand the partnership to Apple Car and Apple AR headset as well.
The announcement comes only weeks before the launch of the new iPhone 13, expected in September.
Apple enabled 5G connectivity for the first time in the iPhone 12 that launched in 2020. With satellite communication connectivity, however, iPhone 13 will be able to send texts or make calls in areas that do not yet offer the standard 4G/5G cellular coverage.
Globalstar partnered with notable names this year
Globalstar is gaining traction this year on the back of partnerships with notable names like Qualcomm Inc that said in February it will add the satellite communications company’s Band n53 to its new flagship X65 modem.
Last month, ahead of reporting its Q2 financial results, Globalstar also partnered with FocusPoint International.
Despite a sharp surge on Monday that pushed its market cap to $3.60 billion, Globalstar shares are still down about 20% from their peak in mid-February. Shares of Apple Inc, which JPMorgan Chase says could climb by more than 20%, are also up over 2.0% this morning.
The post Globalstar shares are up 50% on Monday: here’s why appeared first on Invezz.
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