Broadcom shares rose more than 4%, while Apple shares were down marginally.
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Item 1 of 2 A man walks past an Apple logo outside an Apple store in Aix-en Provence, France, January 15, 2025. REUTERS/Manon Cruz
Broadcom will invest $1.5 billion to expand its Fort Collins, Colorado, factory under the deal, which Apple said would result in the production of at least 15 billion chips and support its work with the Trump administration to source more components domestically.
“The cutting-edge components built in Fort Collins are essential to delivering the incredible performance and connectivity our customers expect, and we’re proud to deepen our investments in U.S.-based suppliers that share our commitment to excellence and innovation,” Apple CEO Tim Cook said in a statement.
“We’re grateful to the president and his administration for supporting important projects like this.”
Reporting by Stephen Nellis in San Francisco, additional reporting by Anhata Rooprai in Bengaluru; Editing by Muralikumar Anantharaman and Anil D’Silva
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