Apple to invest $390 million in chipmaker Finisar
It will be used to build out a plant to make chips that power popular iPhone features such as face ID and animojisApple said on Wednesday it would invest $390 million in Finisar, which it will use to build out a plant in Texas to make chips that power popular iPhone features such as face ID, animojis and portrait-mode selfies. Apple’s CEO says developers have earned $17 billion from China App StoreThe award will be part of Apple’s $1 billion “Advanced Manufacturing Fund” to foster innovation and create jobs, Apple said in a statement. Finisar will use the funds to transform a shuttered, 700,000-square-foot manufacturing plant in Texas to a facility developing vertical-cavity surface-emitting laser (VCSEL) chips. Shares of Finisar were up nearly 17 per cent at $22.50 in premarket trading, while Apple shares were flat. Read full story
Source: The Express Tribune December 13, 2017 12:11 UTC
