The shares in an Israeli microchip company hit a record high after analyses showed that its technology is used in the recently launched iPhone 7, Reuters reported Tuesday.
Shares in Ceva, a firm that develops digital signal processors and licenses its designs to chipmakers including Intel and Samsung, jumped 10.3 percent to a record $34.99 per share after companies specializing in analyzing phone technology discovered its hardware in the iPhone 7 and 7 Plus.
The newfound interest in Ceva marks a comeback for the company. Ceva products hadn’t been used in Apple products since the iPhone 3 and iPhone 4 five years ago, Haaretz reported. In recent years, Apple has mostly used digital signal processors from Qualcomm instead.
“Since 2012 our numbers were down because of Qualcomm,” Ceva Chief Financial Officer Yaniv Arieli told Reuters. “This year that’s changing and our customers are successful in launching their own LTE chips,” which are used in 4G smartphones.
“We view Ceva as one of the main beneficiaries from the launch of the iPhone 7/7+,” analyst Gary Mobley told Reuters. Mobley also predicted that Ceva and Qualcomm will share the market for the thin modems for the iPhone, which would boost Ceva’s earnings.
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