Broadcom and Apple extend chip partnership through 2031

$AVGO and $AAPL are extending their long-running chip partnership through 2031.
Broadcom will develop and supply custom ASIC silicon for multiple generations of Apple products under new multi-year agreements.
For $AVGO, this strengthens its position as a key custom silicon supplier to mega-cap tech.
For $AAPL, it keeps more of the hardware roadmap tied to specialized silicon instead of off-the-shelf chips.
The message is simple: custom silicon is becoming a strategic layer, not just a component contract.