Apple and Broadcom sign over $30 billion custom ASIC agreement, cooperation extended until 2031

Apple and Broadcom have reached a multi-year agreement worth over $30 billion to jointly design and produce customized ASIC chips and wireless connectivity technology. Broadcom will produce over 15 billion chips in the United States and invest $1.5 billion to expand its manufacturing plant in Fort Collins, Colorado. This agreement is part of Apple's four-year $600 billion US investment plan. Broadcom's AI related revenue reached $8.4 billion in the first quarter, a year-on-year increase of 106%. Apple CEO Cook will be appointed as Executive Chairman on September 1st, and Senior Vice President of Hardware Engineering, Tenus, will take over as CEO.