Apple CEO Tim Cook smiles during the opening of the new Apple BKC store in Mumbai, India, Tuesday, April 18, 2023.
Indranil Aditya | Bloomberg | Getty Images
apple Tuesday Announce A New Deal Worth Billions Broadcom Developing 5G RF components in the US
“We are pleased to make our commitment to harness the ingenuity, creativity and innovation of American manufacturing,” Apple CEO Tim Cook said in a release.
Shares of Broadcom rose about 3% in premarket trading on Tuesday. Apple shares fell less than 1%.
The 5G radio components developed by Broadcom, a technology and advanced manufacturing company, are different from the 5G modems made by Qualcomm.
Apple said its 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 it will sell $15 billion worth of wireless components to Apple in 2020.
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