Apr 3, 2017

Imagination Techologies shares plunge on Apple setback

Shares in UK chip designer Imagination Technologies plunged 70 per cent on Monday after Apple - its biggest customer - said it would no longer use Imagination's technology in new and upcoming products. According to the UK company, Apple has not presented any evidence to support the claim that it will no longer require Imagination's technology, without violating Imagination's patents, intellectual property and confidential information. "Further, Imagination believes that it would be extremely challenging to design a brand new GPU architecture from basics without infringing its intellectual property rights, accordingly Imagination does not accept Apple's assertions." Imagination is in discussions with Apple to agree potential alternative commercial arrangements for the current licence and royalty agreement. According to Imagination, it has reserved all its rights in respect of Apple's unauthorised use of Imagination's confidential information and Imagination's intellectual property rights.

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