Broadcom, Apple extend custom chip supply deal through 2031

Broadcom and Apple expanded their partnership through 2031 to develop and supply custom chips, extending a key tie in Apple’s hardware supply chain. Broadcom has long supplied Apple with radio-frequency chips used for cellular connections, along with Wi-Fi, Bluetooth and other networking components in iPhones. The agreement eased investor concerns about Apple’s dependence on Broadcom even as Apple develops more chips in-house, including its C1 modem. Apple accounted for roughly 20% of Broadcom’s annual revenue, analysts said, making the iPhone maker one of Broadcom’s biggest customers. Broadcom shares jumped more than 5% after the deal.