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 animojis
The logo of Apple is seen in Los Angeles, California, United States, April 22, 2016.
PHOTO: REUTERS
Apple's CEO says developers have earned $17 billion from China App Store
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 per cent at $22.50 in premarket trading, while Apple shares were flat.
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