2023-05-23 14:02:33
Apple (AAPL-US) announced on Tuesday (23rd) that it will cooperate with Broadcom (Broadcom) (AVGO-US) reached a latest multibillion-dollar deal to develop 5G radio frequency chips in the United States.
“We are pleased to make this commitment with Broadcom to leverage the ingenuity, creativity and innovation of American manufacturing,” Apple CEO Tim Cook said in a press release.
Broadcom shares rose regarding 3 percent in early trading Tuesday; Apple fell less than 1 percent.
According to the press release, 5G communication components developed by technology and advanced manufacturing company Broadcom will include FBAR filters and other wireless connectivity components. These components are different from Qualcomm (QCOM-US) 5G communication chips.
Apple said the deal with Broadcom is part of its commitment to invest $430 billion in the U.S. economy by 2021. The deal marks the latest stage in a partnership between the two companies, as Broadcom announced in 2020 that it would sell Apple $15 billion in wireless components.
Apple said the deal with Broadcom would also allow it to invest in “critical automation projects and upskilling” alongside engineers and other technologists. The press release notes that Apple has supported more than 1,100 jobs at Broadcom’s Fort Collins FBAR filter manufacturing facility.
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