ppc stock prices fell 2.9% to $24.98 on Tuesday, after reports that Apple was in talks with a new chipmaker.
The company was reportedly looking to launch a new 10nm chip in 2020 and had been pursuing a 16nm design.
Apple, meanwhile, reported on Tuesday that it had signed a deal with Intel for the first of the chipmaker’s 10nm chips, and the company is expected to announce that chip this week.
The company’s 10-nm chip is expected in 2019.
Last week, Apple said it had secured $4.6 billion in financing from the chip maker, but it did not disclose details of the funding.
A separate report said Apple was also exploring other opportunities for the chip, including licensing chips to companies such as the Chinese government and a healthcare startup.
Analysts polled by The Wall Street Journal expected Apple to announce a new silicon design for the next 10nm technology sometime this month.
Reuters reported on Monday that Apple would announce a major chip design update on Wednesday, a development that could lead to an Apple 10nm-based chip in 2021.