What a day yesterday! The biggest news of the day, probably even the month, is that Apple and Qualcomm have settled their dispute over royalties and licensing and dropped all litigation. There is so much to unpack about this and the broad implications for the industry. But the day was not over! Hours after the news broke that Qualcomm and Apple settled, which ultimately led to a deal for Qualcomm to supply chips to Apple and Apple acquiring a license to Qualcomm’s patent portfolio, Intel announced they were excited the 5g smartphone modem business! The day felt like weeks when all was done, but each event was entirely linked. Understanding how we got here is the crucial first insight.