Broadcom shares are trading lower after an analyst said Apple will reduce its reliance on Broadcom which currently supplies over 300 million Wi-Fi_BT chips per year.
Portfolio Pulse from Benzinga Newsdesk
Broadcom shares are declining following an analyst's report that Apple plans to reduce its dependence on Broadcom for Wi-Fi and Bluetooth chips, which currently amount to over 300 million units annually.
October 31, 2024 | 3:46 pm
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Broadcom's stock is under pressure due to an analyst's report that Apple will decrease its use of Broadcom's Wi-Fi and Bluetooth chips, impacting over 300 million units annually.
The news that Apple, a major customer, plans to reduce its reliance on Broadcom for a significant number of chips is likely to negatively impact Broadcom's stock price in the short term. This reduction could lead to a decrease in revenue from one of its key clients.
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