collected by :Raul Soly
LONDON — UK tech company Imagination Technologies on Monday announced that Apple, its biggest customer, will no longer be using its tech.
Monday mornings collapse has wiped over £500 million off Imagination Technologies’ market value.
“Imagination has reserved all its rights in respect of Apple’s unauthorised use of Imagination’s confidential information and Imagination’s intellectual property rights.”
Apple is also Imagination Technologies’ third largest shareholder.
“Apple’s notification has led Imagination to discuss with Apple potential alternative commercial arrangements for the current license and royalty agreement.
Apple U-turn sends Imagination Technologies shares into freefall
Imagination has begun talks with Apple as it gears up for a battle over its intellectual property rights.
Shares in UK chip designer Imagination Technologies have slumped nearly 70% after it said Apple, its largest customer, would stop using its graphics technology in the iPhone and other new products.
It warned that the US tech firm risked infringing its intellectual property rights.
Imagination’s technology has formed the basis of graphics processor units (GPU) in iPhones, iPads, iPods, TVs and watches.
The chipmaker said: “Apple has not presented any evidence to substantiate its assertion that it will no longer require Imagination’s technology, without violating Imagination’s patents, intellectual property and confidential information.
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