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Benzinga
Benzinga
Business
Anusuya Lahiri

Skyworks, Broadcom Are Trading Lower Today, Thanks To Apple

  • Apple Inc (NASDAQ:AAPL) is building a new office for in-house chip development, Bloomberg reports.
  • Apple looks to replace chips currently provided by Broadcom Inc (NASDAQ:AVGO) and Skyworks Solutions Inc (NASDAQ:SWKS).
  • Apple and Broadcom reached a two-year deal in January 2020 to supply Apple with additional wireless components. 
  •  Broadcom had been providing Apple with radio frequency components and modules for the iPhone before this deal, so the 2020 agreement marked an expansion of the relationship between Broadcom and Skyworks.
  • Apple is seeking a dozen people to develop wireless chips in Irvine, where Broadcom, Skyworks, and others have offices.
  • Apple's hiring talent concerning a particular technology marks terrible news for the existing providers.
  • Price Action: SWKS shares traded lower by 8.78% at $145.87, and Broadcom shares traded lower by 2.89% at $621.06 on the last check Thursday.
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