UPDATE 3-Apple grants $390 mln to Finisar to boost laser chip production [Reuters (UK)]
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Source: Reuters
Apple grants $390 million to Finisar to boost laser chip production | Reuters 2 Min Read (Reuters) - Apple Inc said on Wednesday it had awarded $390 million to optical components maker Finisar Corp to boost production of laser chips that power iPhone X’s features such as Face ID, Animoji and portrait mode photos. The iPhone maker has committed to spend at least $1 billion through its Advanced Manufacturing Fund in U.S.-based companies to support high-tech manufacturing. The company had awarded $200 million to Gorilla Glass maker Corning Inc in May. However, Finisar Corp clarified that Apple’s funding was not a debt or equity investment in the company. Finisar’s shares, which rose as much as 30 percent on Apple’s announcement, pared gains to trade up 22 percent following the clarification. "The amount referred to by Apple represents anticipated future business between the companies over a period of time," Finisar said in a filing. ( bit.ly/2AAUm2n ) The company will use the grant to re
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