Cupertino-based Apple Inc. is planning to pour a huge amount of money in Finisar. Finisar is a leading global company in optical communication, CNET reported on Thursday.
Apple’s investment in Finisar will fund innovative chip for its iPhone. Apple will cash out $390 million for iPhone’s new Face ID and animojis, and among others.
Apple’s investment to Finisar will be sourced from the company’s $1 billon Advanced Manufacturing Fund. It is worthy to note that this is not the first time that Apple made such move. Just this week, the Cupertino-based tech company has also announced earlier this week, which it acquired Shazam, a music recognition app.
Finisar’s Texas plant will produce the chips needed for Apple’s iteration. Finisar, the laser chip maker, will eventually utilize the Apple’s money to refurbish its manufacturing plant in Texas. The company’s manufacturing plant was closed back in 2012. The Texas plant is located in the town of Sherman where it spans 700, 000-square foot as it provides the job for 500 workers.
Why Apple pick Finisar?
And the good news is that Finisar will start shipping the mobile chips in the second half of 2018. Many tech analysts claim that Apple’s move to invest in Finisar is something different. Why? Because Apple is seldom seen to buy companies such as in the case of Finisar.
Also, Apple selected Finisar because it also wants to fund research and development of innovations related to technology. Aside from this, the company’s move certainly demonstrates of its intention to provide technological jobs for the Americans. It can be recalled that President Donald Trump publicly criticized Apple because it outsources tech jobs to China.
But Apple CEO Tim Cook belied Trump’s claim, saying that Apple has provided a million jobs in the US. Accordingly, Finisar is not the only company that benefited from the Advanced Manufacturing Fund, a fund intended for US manufacturing companies.
Corning, a company that manufactures Gorilla Glass displays in smartphones, is the first company to avail the Advanced Manufacturing Fund.