Why Broadcom Shares Are Diving Following Apple News

Broadcom Inc AVGO shares are trading lower by 3.91% to $554.32 Tuesday morning following a report indicating Apple is planning to replace a chip supplied by the company in its devices.

What's Going On?

Apple is planning to replace a key part supplied by Broadcom with an in-house component, Bloomberg reported, citing people familiar with the matter.

Broadcom supplies Apple with a combined component that handles Wi-Fi and Bluetooth functions on its hardware products. Cupertino is now reportedly developing a chip to replace this component by 2025...Read More

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According to data from Benzinga Pro, AVGO has a 52-week high of $645.31 and a 52-week low of $415.07.