Apple Stock Soars on Broadcom Deal. Here's What You Need to Know.
Everyone is celebrating Broadcom's win, but it benefits Apple, too.
Overview
The market was abuzz this week with news that Apple (NASDAQ: AAPL) and Broadcom (NASDAQ: AVGO) renewed a deal for Apple to buy chips from Broadcom. While that's a clear win for Broadcom, Apple stock soared more than 4% in one day on the news, too. Here's what you need to know.
There weren't many details about the deal, which was announced in a Broadcom regulatory filing. This was the entire note: "Broadcom and Apple have agreed to expand their long-standing technology collaboration through 2031 by entering into new multi-year long-term agreements for Broadcom to develop and supply a range of custom ASIC silicon products for use in multiple generations of Apple products."
Image source: The Motley Fool.
Details
Source
Originally published at www.fool.com.