- Finisar, the maker of specialty chips for the Apple iPhone X and AirPods, is trading up 26.84% at $24.43 a share after Apple awarded the company a $390 million order*.
- Finisar is hoping to reopen a manufacturing plant in Texas with the help of Apple’s investment. The plant is expected to create 500 jobs in the area.
- The new plant will produce laser sensors that enable technology like FaceID, ARKit and the proximity features of the AirPods.
- The investment is part of a larger $1 billion plan from Apple, which falso included an investment in glass maker Corning.
- Finisar shares are down 16.63% this year, including Wednesday’s gains.
*This post was corrected to say Apple awarded the company a $390 million order. Previously it said Apple made a $390 million investment in Finisar. The headline has been changed to reflect the correction.