Broadcom, Apple extend custom chip partnership through 2031
Why it matters: Apple generates about 20% of Broadcom's annual revenue, and Broadcom shares rose more than 5% after the deal.
Broadcom and Apple extended their custom chip partnership through 2031, deepening a key supplier relationship as Apple works to secure long-term access to wireless and radio-frequency components. Broadcom has long supplied chips used in iPhones for cellular connections, Wi-Fi, Bluetooth and other networking functions. Analysts say Apple accounts for about 20% of Broadcom’s annual revenue, making it one of the chipmaker’s biggest customers. Broadcom shares climbed more than 5% after the agreement. The companies had already struck a multibillion-dollar deal in 2023 for Broadcom to develop and manufacture 5G radio-frequency components.