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

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.

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