Samsung Electronics to supply next-gen chips for Apple products at its foundry plant in Texas

Samsung Electronics is to supply next-generation chips for Apple products from its production plant in the United States.

Through a press release on Thursday, Apple stated that the foundry plant in Texas will supply chips that optimize power and performance for its products.

Industry insiders say that the Korean tech giant is expected to produce image sensor chips for Apple's production line.

Samsung Electronics provided no comments.

This announcement came as President Trump announced that Apple is to make an additional 100 billion U.S. dollar investment, a move to expand the company's domestic investment commitment.

Following the statement, Apple shares rose by nearly 6 percent midday on Wednesday compared to the day before.