Apple strikes deal with Broadcom, sending stock higher
Apple Inc. (AAPL) said Tuesday that it's reached a "multiyear, multibillion-dollar agreement" with Broadcom Inc. (AVGO) through which Broadcom will develop 5G radio frequency components. Broadcom shares were up more than 3% in premarket trading Tuesday. The components include FBAR filters, which will be designed and made in a number of U.S. cities, including Fort Collins, Colo. Apple Chief Executive Tim Cook said in a release that the arrangement is a continuation of the smartphone giant's pledge to invest hundreds of billions of dollars in the U.S. economy over a five-year span that began in 2021. Apple will "continue to deepen our investments in the U.S. economy," he noted.
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May 23, 2023 10:40 ET (14:40 GMT)
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