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(Bloomberg) — Apple Inc.’s ambitious plan to create in-house components for its devices will include switching to a homegrown chip for Bluetooth and Wi-Fi connections starting next year, a move that will replace some parts currently provided by Broadcom Inc. The chip, code-named Proxima, has been in development for several years and is now slated to go into the first products in 2025, according to people familiar with the matter. Like Apple’s other in-house chips, Proxima will be produced by partner Taiwan Semiconductor Manufacturing Co. The transition is separate from Apple’s highly anticipated shift from Qualcomm Inc. cellular modems — details of which Bloomberg News reported last week — but the two parts will eventually work together. Apple’s goal is to develop an end-to-end wireless approach that is tightly integrated with its other components and more energy-efficient, said the people, who asked not to be identified because the initiative hasn’t been announced. Representatives for Cupertino, California-based Apple and Palo Alto, California-based Broadcom declined to comment. Shares of Broadcom fell as much as 3.9% to $175.99 after Bloomberg News reported on the transition. Apple rose less than 1% to $248.53 as of 1:23 p.m. in New York. Apple is one of Broadcom’s biggest customers, accounting for roughly 20% of revenue. Broadcom is scheduled to report its latest quarterly results after the market closes Thursday. The two new components mark a major breakthrough for Apple’s hardware technologies group. That team, led by Senior Vice President Johny Srouji, previously created the main processors for iPhones, iPads and Mac computers. Now Apple will have domain over how devices connect to cellular networks and Wi-Fi hubs — areas where other chipmakers have long had an edge. That should give it more control over the user experience and pave the way for new device formats, such as thinner iPhones and wearable technology. Apple will begin rolling out the combined Wi-Fi and Bluetooth chip as part of new home devices scheduled for next year, including refreshed versions of its TV set-top box and HomePod mini smart speaker. It also aims to bring the component to iPhones later next year and to the iPad and Mac by 2026. Bloomberg News first reported on plans for the new chip in January 2023. Though the move will displace Broadcom’s combined Wi-Fi and Bluetooth component in Apple devices, the supplier will still provide a part known as a radio frequency filter for modems, Bloomberg News reported. Apple is also working with Broadcom on aspects of next-generation cloud server chip, according to a report this week from the Information. The Proxima chip won’t be Apple’s first foray into the wireless space. It has long designed custom wireless components for AirPods and Apple Watches. But adopting an in-house design for such a critical component in its most important products — iPhones, iPads and Macs — presents risks for Apple. The Wi-Fi and Bluetooth chip ensures that Apple devices can get online via wireless networks and pair to peripherals like headphones and speakers. Those are key parts of the Apple experience, and customers are likely to notice if problems arise. Broadcom is a market leader in wireless parts, and Apple may not be able to match that company’s capabilities with its first-generation Wi-Fi chip. Still, the component will have support for the recent Wi-Fi 6E standard, which offers better bandwidth and increased speeds, the people said. With a homegrown wireless chip in Apple’s smart home devices, the products will work more closely together and potentially synchronize data more quickly. The company is planning a significant smart home push next year: It aims to release a home hub device with artificial intelligence that can be placed on a table or mounted to a wall. The company has also been developing its own standalone security camera that could pair to its other home devices. (Updates with Broadcom response in fourth paragraph.)Govt 'ready for talks' with PTI despite apprehension

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ATLANTA , Dec. 23, 2024 /PRNewswire/ -- KORE Group Holdings, Inc. (NYSE: KORE) ("KORE" or the "Company"), the global pure-play Internet of Things ("IoT") hyperscaler and provider of IoT Connectivity, Solutions, and Analytics, today announced it has received notification (the "Acceptance Letter") from the New York Stock Exchange (the "NYSE") that the NYSE has accepted the Company's previously-submitted plan (the "Plan") to regain compliance with the NYSE's continued listing standards set forth in Section 802.01B of the NYSE Listed Company Manual relating to minimum market capitalization and stockholders' equity. In the Acceptance Letter, the NYSE granted the Company an 18-month period from September 12, 2024 (the "Plan Period") to regain compliance with the continued listing standards. As part of the Plan, the Company is required to provide the NYSE quarterly updates regarding its progress towards the goals and initiatives in the Plan. In the Plan, Kore included details regarding previously reported operational restructuring activities, as well as an outlook on the Company's business. The Company expects its common stock will continue to be listed on the NYSE during the Plan Period, subject to the Company adherence to the Plan and compliance with other applicable NYSE continued listing standards. The Company's receipt of such notification from the NYSE does not affect the Company's business, operations or reporting requirements with the U.S. Securities and Exchange Commission. Cautionary Note on Forward-Looking Statements This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "guidance," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expected progress with the Company's compliance plan submitted to the NYSE, expected compliance with continued listing standards of the NYSE and expected continued listing of the Company's common stock on the NYSE. These statements are based on various assumptions and on the current expectations of KORE's management. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor or other person as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of KORE. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; risks related to the rollout of KORE's business and the timing of expected business milestones; risks relating to the integration of KORE's acquired companies, including the acquisition of Twilio's IoT business, changes in the assumptions underlying KORE's expectations regarding its future business; our ability to negotiate and sign a definitive contract with a customer in our sales funnel; our ability to realize some or all of estimates relating to customer contracts as revenue, including any contractual options available to customers or contractual periods that are subject to termination for convenience provisions; the effects of competition on KORE's future business; and the outcome of judicial proceedings to which KORE is, or may become a party. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that KORE presently does not know or that KORE currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect KORE's expectations, plans or forecasts of future events and views as of the date of this press release. KORE anticipates that subsequent events and developments will cause these assessments to change. However, while KORE may elect to update these forward-looking statements at some point in the future, KORE specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing KORE's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. KORE Investor Contact: Vik Vijayvergiya Vice President, IR, Corporate Development and Strategy vvijayvergiya@korewireless.com (770) 280-0324 View original content to download multimedia: https://www.prnewswire.com/news-releases/kore-announces-nyse-acceptance-of-plan-to-regain-listing-compliance-302338621.html SOURCE KORE Group Holdings, Inc.

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