Apple to invest $390 million in chipmaker Finisar

The logo of Apple is seen in Los Angeles, California, United States, April 22, 2016. PHOTO: REUTERS

Apple said on Wednesday it would invest $390 million in Finisar, which it will use to build out a plant in Texas to make chips that power popular iPhone features such as face ID, animojis, and portrait-mode selfies.

Apple’s CEO says developers have earned $17 billion from China App Store

The award will be part of Apple’s $1 billion “Advanced Manufacturing Fund” to foster innovation and create jobs, Apple said in a statement.

Finisar will use the funds to transform a shuttered, 700,000-square-foot manufacturing plant in Texas to a facility developing vertical-cavity surface-emitting laser (VCSEL) chips.

Shares of Finisar were up nearly 17 percent at $22.50 in premarket trading, while Apple shares were flat.

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