Broadcom Stock Climbs on Report of Apple Chip Deal Extension to 2031

Broadcom Inc. (NASDAQ: AVGO ) shares are trading higher following a report suggesting that the company and Apple Inc. (NASDAQ: AAPL ) will expand their partnership through 2031. The Deal According to Reuters, Broadcom and Apple have agreed to expand their partnership through 2031, covering the development and supply of a range of custom chips. Broadcom has been a long-standing supplier to Apple, providing key components including custom radio frequency chips used in iPhones, Wi-Fi and Bluetooth connectivity chips, and other networking semiconductors. Apple is one of Broadcom’s largest customers, with analysts estimating the iPhone maker accounts for a major chunk of Broadcom’s annual revenue, making it a critical contributor to the chip firm’s semiconductor business. Read Also: Stock Market Today: S&P 500, Dow Jones Futures Gain Following Independence Day Weekend—Int...