Marcio Jose Sanchez / AP

Apple is close to investing upwards of $3 billion for a stake in Toshiba's chip business, per Bloomberg. That would be as much more than the company spent on its biggest-ever acquisition, Beats Electronics. But in many ways, this would be less surprising than that deal. Apple declined to comment.

  • While Apple doesn't generally do big acquisitions, securing component supply is an area where Apple is known for spending big. So, the notion that the company might be willing to invest $3 billion for a minority stake isn't actually so crazy.
  • Right now the company is highly dependent on Samsung, a key rival, for memory chips.
  • But: A Toshiba deal wouldn't end apple's reliance on Samsung. The Korean electronics giant also manufactures some of Apples other chips and is likely the main supplier of the OLED screen for the iPhone X.

Go deeper

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

Updated 26 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.