NEW YORK, July 11, 2026, 15:09 (EDT)
Apple Inc. NASDAQ:AAPL ended Friday at $315.32, up 2.2% from the July 2 close, after a week dominated by a chip-supply pact worth more than $30 billion with Broadcom Inc. NASDAQ:AVGO. Broadcom rose 11.0%; applying each company’s latest disclosed share count, that implies roughly $188 billion of added equity value for Broadcom, against about $98 billion for Apple. U.S. cash markets were closed Saturday.
The gap matters because the pact solves two different investor problems. Apple gets access to key chips through 2031; Broadcom gets years of sales from a customer analysts estimate already accounts for about 20% of annual revenue. Emarketer analyst Jacob Bourne said the deal “buys supply-chain certainty at a moment of chip scarcity.” Reuters
| Security or index | July 10 close | Weekly change | Approx. equity value added |
|---|---|---|---|
| Apple | $315.32 | +2.2% | $98 billion |
| Broadcom | $399.97 | +11.0% | $188 billion |
| Nasdaq Composite | 26,281.61 | +1.7% | — |
| S&P 500 | 7,575.39 | +1.2% | — |
Company estimates compare July 10 with July 2, the final close before the July 3 market holiday, and multiply the price change by the latest disclosed shares. They are not official market-cap changes or estimates of the deal’s direct impact. The index returns are weekly figures.
Apple’s outperformance was modest. Broadcom’s was not: its calculated weekly value gain was about six times the deal’s stated minimum, although that arithmetic does not prove the contract caused the whole move. The pattern is consistent with investors sharply reducing the risk they attached to Apple replacing Broadcom parts with chips designed in-house.
Apple said the pact covers custom silicon — chips built for a specific task — and FBAR filters, radio-frequency parts that help devices separate wireless signals. It expects more than 15 billion U.S.-made chips and a $1.5 billion Broadcom expansion in Fort Collins, Colorado. Apple CEO Tim Cook called the components “essential to delivering the incredible performance and connectivity” customers expect. Apple
| Contract scale check | Reported or derived figure | Investor context |
|---|---|---|
| Apple commitment | More than $30 billion | Multiyear spending floor |
| U.S.-made chips | More than 15 billion | Production across multiple products |
| Broadcom Fort Collins investment | $1.5 billion | 5% of the $30 billion floor |
| Apple latest quarterly revenue | $111.2 billion | Pact floor equals at least 27% |
| Broadcom latest quarterly revenue | $22.19 billion | Pact floor equals at least 135% |
| Broadcom quarterly AI-chip revenue | $10.8 billion | Shows the size of its AI-heavy mix |
The percentages are scale comparisons, not forecasts of when Apple will record expenses or Broadcom will book sales. The contract runs over several years.
That scale points to a diversification benefit for Broadcom. Apple supplies a large consumer-device revenue stream beside an AI semiconductor business driven by data centers and specialized processors. For Apple, the near-term payoff is steadier component access, not an obvious lift to earnings.
The week ended with a separate risk. Apple sued OpenAI and two former employees on Friday, alleging they took hardware secrets to speed the ChatGPT maker’s consumer-device push. OpenAI said it had “no interest in other companies’ trade secrets.” AP News
PP Foresight analyst Paolo Pescatore said Apple sees OpenAI “moving from partner to potential rival.” For shareholders, the fight is less about near-term damages than control of the next consumer interface: a successful OpenAI device could draw attention away from the iPhone, while a long case could weaken the companies’ ChatGPT partnership. Reuters
But the positive reading can break. Broadcom’s 11% jump may already reflect years of expected sales, U.S. production does not promise lower component costs, and hotter inflation could lift rates and hit technology shares priced for long growth; Apple’s legal claims also remain untested. Glenmede strategist Michael Reynolds said next week brings “a lot of factors coming to a head all at once.” Reuters
June consumer-price data are due Tuesday at 8:30 a.m. ET, producer prices follow Wednesday at the same time, and June retail sales arrive Thursday at 8:30 a.m. Apple’s next scheduled company event is its fiscal third-quarter call on July 30 at 5 p.m. ET. Monday will show whether investors keep treating the Broadcom pact as supply insurance for Apple and a growth asset for Broadcom — or start pricing the OpenAI fight more heavily.
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