Qualcomm Inc., the world’s biggest seller of smartphone processors, fell in late trading on investor fears that demand for new handsets will stall in the coming year.

Qualcomm reported record quarterly sales and healthy profits as rising sales of phone and automotive chips lifted its results. Qualcomm, one of the largest suppliers of communications and number-crunching chips that go into phones,

Qualcomm on Wednesday forecast sales and profits above analyst expectations as artificial intelligence features helped fuel demand for smartphones, and its share price fell after the bell on expectations of flat revenue from its patent licensing business.