Apple working on its own graphics chips for future iPhones, cuts ties with Imagination Technologies

Shares in British chip designer Imagination Technologies plummeted by nearly 70%, after Apple said that it would stop licensing the company's technology. The news broke out today, following a statement from the UK-based firm which reads that Cupertino will be “reducing its future reliance on Imagination’s technology" as it is “working on a separate, independent graphics design in order to control its products”.

The latest developments are an absolute disaster for Imagination Technologies, as about 50% of the company's revenues come from Apple. Cupertino has been ...