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Apple Inc (NASDAQ:AAPL) is working with its supplier Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM) on a chip for an autonomous vehicle, Apple Insider reported Wednesday.
What Happened: The two companies have made concrete plans to set up a factor that will make chips for an “Apple Car” in the United States and in the process of talking with suppliers in the automotive electronics supply chain, Apple Insider reported, citing Taiwanese outlet Digi Times.
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The Apple Car model is said to be similar to Tesla Inc (NASDAQ:TSLA) but further details were not available, as per Apple Insider.
Digi Times record on Apple-related information is mixed. Apple Insider cautioned its readers on the reliability of its source report.
Related Link: Apple Seeks Patent For Windshield Crack Detection Tech
Why It Matters: Apple analyst Ming-Chi Kuo said two years ago that chips from TSMC are expected to be used in Apple’s car effort between 2023 and 2025, Apple Insider reported separately. TSMC is still reportedly considering building a chip manufacturing facility in Arizona.
On Tuesday, the Cupertino, California-based tech giant transferred its self-driving car team — working under the moniker Project Titan — under its artificial intelligence and machine learning head John Giannandrea, according to Bloomberg.
In 2018, Apple snagged Giannandrea from Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) in what was then considered a “major coup.”
Loup Ventures co-founder Gene Munster last week said he sees Apple as the biggest challenger to the Elon Musk-led Tesla if the iPhone maker was to enter the vehicles market.
Price Action: Apple shares closed nearly 2.1% lower at $121.78 on Wednesday and fell 0.51% in the after-hours session. On the same day, TSMC shares closed nearly 1.2% lower at $104.42.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.