Shares in British tech firm Imagination have plummeted after US giant Apple revealed plans to no longer use the UK company’s graphics designs. Shares in Imagination Tech dropped by a staggering 69 percent after its biggest customer announced it was developing its own independent graphics processing chips, which would reduce its reliance on the British firm. Imagination has been licensing its processing designs to Apple, receiving a small royalty on every graphics chip used in an iPhone, iPad and Apple Watch. Imagination said Monday it doubted that Apple could go it alone without violating its patents, intellectual property and confidential information. Apple has been quietly hiring Imagination staff amid plans to develop its own graphics technology.

Source: Daily News Egypt April 03, 2017 08:48 UTC