Broadcom, Apple extend chip supply deal through 2031

Broadcom said on Monday it has agreed to expand its partnership with Apple through 2031 to develop and supply a range of custom chips, Reuters reported. The announcement extends an existing supply arrangement between the companies. Broadcom said the deal eases concerns over the iPhone maker's reliance on the chipmaker. The extended partnership reinforces Apple's strategy of locking in long-term supply agreements with key chipmakers to bolster the resilience of its supply chain, according to the report Broadcom and Apple have collaborated on custom chips for several years. The new agreement runs through 2031. Shares of Broadcom rose nearly 4 percent in premarket trading following the news, the report said. No other terms of the agreement were disclosed.