Apple strikes deal with Broadcom, sending stock higher

Apple Inc.
AAPL,
-0.62%
said Tuesday that it’s reached a “multiyear, multibillion-dollar agreement” with Broadcom Inc.
AVGO,
+0.82%
through which Broadcom will develop 5G radio frequency components. Broadcom shares were up more than 3% in premarket trading Tuesday. The components include FBAR filters, which will be designed and made in a number of U.S. cities, including Fort Collins, Colo. Apple Chief Executive Tim Cook said in a release that the arrangement is a continuation of the smartphone giant’s pledge to invest hundreds of billions of dollars in the U.S. economy over a five-year span that began in 2021. Apple will “continue to deepen our investments in the U.S. economy,” he noted.