Broadcom Inc. shares closed sharply lower in the final minutes of trading on Monday after reports that Apple Inc. was working on its own WiFi and Bluetooth chips.
The stock on Monday traded at $601.67, up 2.3%, but fell in just seconds to $560.56, a 4.7% intraday loss, and ended the day down 2% at $576.89.
Towards the end of the trading day, Bloomberg News reported that Apple AAPL,
had plans to release its first modem chips in late 2024 or early 2025, there was little reason for the consumer electronics giant to buy these chips from Broadcom.
Broadcom shares fell another 0.8% after hours. Last December, Broadcom’s “superior backlog management,” Wall said, followed an earnings call in which he declined to provide a full-year outlook because Broadcom’s CEO, Hock Tan, had cleared the backlog. Admired by the city.
By comparison, the S&P 500 Index SPX,
The technology-heavy Nasdaq Composite Index COMP closed below 0.1% on Monday.
Up 0.6%, Apple shares rose 0.4% to close at $130.15.