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The chip business is rocking thanks to China, Qualcomm CEO Steve Mollenkopf told CNBC on Thursday.

“We have very strong demand in the chip business and if you look at our quarter that we delivered, it was actually a very strong quarter from the EPS perspective,” Mollenkopf said on “Closing Bell.” “It was actually [a] record even from the licensing perspective and we had a strong outlook from the chip side of the business, which is really more a leading indicator of what will happen on the licensing side.”

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