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US$500m Chip Deal Signals Recovery

APPLE Inc has entered into a long-term supply agreement with Toshiba Corp for NAND-type flash chips in a sign that the chip market could be on the road to recovery.

Apple made a US$500 million prepayment to the loss-making Japanese chip maker at the beginning of July, a transcript of Apple's conference call with analysts showed.

Sales of iPhones and Macs in the April-June quarter beat analysts' expectations and the firm is looking to lock in component supplies and prices.

Apple's Tim Cook said: "The NAND market has now begun to stabilize and we expect it to move towards a supply/demand balance."

The deal is a boon for Toshiba as it grapples with mounting losses.


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