Apple to invest $390million in chip company Finisar

wpid-apple-image_large.jpg

Apple Inc. said on Wednesday it would invest $390 million in Finisar Corp., 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.

The 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 percent at $22.50 in premarket trading, while Apple shares were flat.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s