Investing.com -- Apple Inc is set to replace Broadcom components with its own in-house chip for Bluetooth and Wi-Fi connections starting next year, Bloomberg reported Wednesday, citing people familiar with the matter.
The chip, code-named Proxima, which has been in development for several years, is slated to debut in products in 2025. Taiwan Semiconductor Manufacturing (NYSE:TSM) will produce the chip, as it does with Apple's other in-house components.
This move is separate from Apple's planned shift away from Qualcomm Incorporated (NASDAQ:QCOM)'s cellular modems, though the two parts will eventually work together.
Apple aims to develop an integrated, energy-efficient wireless approach, the sources told Bloomberg.
Representatives for Apple and Broadcom declined Bloomberg's request for comment.
Broadcom Inc (NASDAQ:AVGO) shares fell 2% following the news, while Apple Inc (NASDAQ:AAPL) was up nearly 1% in recent trading.
Apple nears switch from Broadcom chips; eyes in-house launch next year: Bloomberg
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