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Tim Cook, chief executive officer of Apple Inc., smiles during the opening of the new Apple BKC store in Mumbai, India, on Tuesday, April 18, 2023.
Indranil Aditya | Bloomberg | Getty Images
Apple on Tuesday announced a new multibillion-dollar deal with Broadcom to develop 5G radio frequency components in the U.S.
“We’re thrilled to make commitments that harness the ingenuity, creativity, and innovative spirit of American manufacturing,” Apple CEO Tim Cook said in a release.
Shares of Broadcom were up around 3% in premarket trading Tuesday. Shares of Apple were down less than 1%.
The 5G radio components developed by Broadcom, a technology and advanced manufacturing company, are different from the 5G modems that are made by Qualcomm.
Apple said its deal with Broadcom is part of its 2021 commitment to invest $430 billion in the U.S. economy. The deal marks the latest phase of partnership between the two companies, as Broadcom announced it would sell $15 billion of wireless components to Apple in 2020.
This is breaking news. Please check back for updates.
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