The multinational technology company, Apple on Tuesday entered in a multi-billion-dollar deal with chipmaker Broadcom Inc. to use chips made in the United States.

According to Apple, under the multi-year deal, Broadcom will develop 5G radio frequency components with Apple that will be designed and built in several U.S. facilities.

The chipmaker Broadcom is already a major supplier of wireless components to Apple, with about one fifth of its revenue coming from the iPhone maker in its two most recent fiscal year and the announcement saw them jump 2.2%, hitting a record high.

It says the deal is part of a plan it announced in 2021 to invest $430bn (£346bn) in the US economy.