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    * [13]Deals (BUTTON)

Apple inks multi-billion-dollar deal with Broadcom for U.S.-made chips

  By [14]Stephen Nellis (BUTTON)
  May 23, 20235:31 PM UTCUpdated ago
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  May 23 (Reuters) - Apple Inc [15](AAPL.O) on Tuesday said it has
  entered a multi-billion-dollar deal with chipmaker Broadcom Inc
  [16](AVGO.O) 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 were up 2.2% after the announcement, hitting a record high.
  The chipmaker is already a major supplier of wireless components to
  Apple, with about one fifth of its revenue coming from the iPhone maker
  in its two most recent fiscal year.

  Apple has been steadily diversifying its supply chains, building more
  products in India and Vietnam and saying that it will source chips from
  a new Taiwan Semiconductor Manufacturing Co [17](2330.TW) plant under
  construction in Arizona.

  The two companies did not disclose the size of the deal, with Broadcom
  saying only that the new agreements require it to allocate Apple
  "sufficient manufacturing capacity and other resources to make these
  products."
  women uses her iPhone mobile device as she passes a lighted Apple logo
  at the Apple store in New York
  The Apple Inc logo is seen at the entrance to the Apple store, in
  Brussels
  (BUTTON)

  [1/2] A women uses an iPhone mobile device as she passes a lighted
  Apple logo at the Apple store at Grand Central Terminal in New York
  City, U.S., April 14, 2023. REUTERS/Mike Segar/
  (BUTTON) (BUTTON)

  Broadcom and Apple previously had a three-year, $15 billion agreement
  that Bernstein analyst Stacy Rasgon said was set to expire in June. He
  said the development was positive for Broadcom, despite the fact that
  the two firms did not give a time frame for how long the work will
  last.

  "It's good that it removes that overhang," Rasgon said. "Broadcom has
  existed over the years with a number of these long-term agreements with
  Apple. Sometimes they have them and sometimes they don't."

  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
  connect 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.
  Reporting by Stephen Nellis; Editing by Chizu Nomiyama
  (BUTTON)
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  Our Standards: [18]The Thomson Reuters Trust Principles.

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