Broadcom has agreed to extend its chip partnership with Apple through 2031, expanding an agreement that covers the development and supply of a wide range of custom chips, Reuters reports.
The expansion announced today builds on an existing supply relationship between the two companies, which have worked together for years. Apple is one of Broadcom’s largest customers, accounting for around 20% of its annual revenue.
Apple has gradually brought chip design in-house, such as with its own C1 and C1X cellular modems, but many of Broadcom’s wireless connectivity and radio frequency components remain in use. Broadcom’s chips cover custom radio frequency components, Wi-Fi and Bluetooth connectivity, and other networking semiconductors found in Apple’s lineup.
Apple and Broadcom have signed a multibillion-dollar deal in 2023 for 5G radio frequency components made in the United States. Shares of Broadcom rose nearly 4% today in premarket trading.
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