Apple inks multi-billion-dollar deal with Broadcom for US-made chips

Broadcom shares were up 4.3% in premarket trading after the announcement. The chipmaker is already a major supplier of wireless components to Apple

Apple Inc, Apple

Photo: Bloomberg

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Apple Inc on Tuesday said it has entered a multi-billion-dollar deal with chipmaker Broadcom Inc to use chips made in the United States.
Under the multi-year deal, Broadcom will develop 5G radio frequency components with Apple that will be designed and built in several U.S. facilities, including Fort Collins, Colorado, where Broadcom has a major factory, Apple said.
Broadcom shares were up 4.3% in premarket trading after the announcement. The chipmaker is already a major supplier of wireless components to Apple.
Apple said it will tap Broadcom for what are known as film bulk acoustic resonator (FBAR) chips. The FBAR chips are part of a radio-frequency system that helps iPhones and other Apple devices connected to mobile data networks.
“All of Apple’s products depend on technology engineered and built here in the United States, and we’ll continue to deepen our investments in the U.S. economy because we have an unshakable belief in America’s future," Apple CEO Tim Cook said in a statement.
Apple said it currently supports more than 1,100 jobs in Broadcom’s Fort Collins FBAR filter manufacturing facility.

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EU competition regulators appealed to the bloc’s highest court on Tuesday to override a lower tribunal and make Apple pay a record €13 billion ($14.3 billion) in Irish back taxes. “Its outcome will determine whether member states may continue to grant multinational substantial tax breaks in return for jobs and investments,” Commission lawyer Paul-John Loewenthal told the Court of Justice of the European Union (CJEU).
Meanwhile, Apple and Ireland hit back at the EU’s antitrust watchdog in a court clash that may help to define the legacy of Competition Commissioner Margrethe Vestager. Apple said Vestager’s team made legal errors when they concluded the iPhone maker was given vast amounts of unfair tax aid from Ireland and issued an order to repay the money. agencies

First Published: May 23 2023 | 7:24 PM IST

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