- Apple also said that it is working with Cirrus Logic and GlobalFoundries to develop new semiconductor process technologies at GlobalFoundries’ facility in Malta, New York.
- Apple named Cirrus Logic, alongside Bosch, TDK, and Qnity Electronics as new members of its American Manufacturing Program.
- Barclays analyst Tom O'Malley said the firm believes the announcement is "likely indicative" of a new socket for powering FaceID for Cirrus, where Apple does not have content today.
Shares of Cirrus Logic, Inc. (CRUS) climbed by over 7% on Thursday after Apple Inc. (AAPL) announced that it is working with the company and GlobalFoundries Inc. (GFS) to establish new semiconductor process technologies at GFS’s facility in Malta, New York.
As part of the deal, CRUS will develop mixed-signal solutions for a range of Apple applications, including advanced integrated circuits to power Face ID systems.
Apple also named Cirrus Logic, alongside Bosch, TDK, and Qnity Electronics Inc. (Q) as new members of its American Manufacturing Program (AMP), with a plan to spend $400 million on the new programs through 2030.
Street View
Barclays analyst Tom O'Malley said the firm believes the announcement is "likely indicative" of a new socket for powering FaceID for Cirrus, where the company does not have content today, according to TheFly.
The analyst said that this is likely a new technology and is mixed-signal. Considering that this is a new process technology, Barclays believes it will likely take several years to build up, adding that a 2028 timeline was likely.
The analyst, which is currently modeling $1 of new content across phone SKUs in 2027, has an ‘Equal Weight’ rating on Cirrus shares.
Meanwhile, Apple CEO Tim Cook expressed pride to partner with American companies to produce critical components and materials for the company’s products domestically. “This is another powerful example of what is possible when we invest in American ingenuity, and we’re excited to build the future together,” Cook said.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment around CRUS stock was in the ‘extremely bullish’ territory at the time of writing, while message volumes rose from ‘normal’ to ‘high’ levels over the past 24 hours.
Meanwhile, retail sentiment around AAPL stock improved from ‘bearish’ to ‘neutral’ territory over the past 24 hours amid ‘normal’ message volumes.
CRUS stock has gained more than 47% in the past year, while AAPL stock has risen more than 15% in the same time.
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