Apple said on Wednesday that Samsung Electronics will supply chips from its production plant in Austin, Texas, for Apple products including iPhones.

Samsung Electronics Co. will produce Apple Inc.'s next-generation chip at its chip foundry plant in Austin, Texas, the U.S. tech giant said Thursday. In a press release, Apple said it is working with Samsung at its semiconductor plant in Austin to develop an innovative new chip manufacturing technology

As of 9:15am, Samsung was trading at 70,000 won (USD 50.45) on the Korea Exchange, up 1.74 per cent from the previous session, reclaiming the symbolic 70,000 club status.