Just as Intel is giving up on its long fight to challenge Qualcomm in mobile processors, its cellular modem business is coming into its own. It seems increasingly likely that Intel will win a significant deal with Apple to supply modems for the next iPhone. That contract has been rumored for a long time, but now market watchers believe a deal is imminent, and it could turn Intel into a top three smartphone baseband provider. Reports by Bloomberg and The Wall Street Journal, citing unnamed sources, suggest that Intel will supply modems for a significant number of iPhone 7 models, reducing Qualcomm’s sales to Apple at a time when the mobile leader is under pressure from low cost Chinese rivals…