BUZZ-Meta falls after Reuters reports AI chip production set for September

Meta Platforms

META

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Broadcom Limited

AVGO

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Sandisk Corporation

SNDK

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** Meta Platforms' META.O shares fall 1.8% to $592.17 premarket after Reuters' exclusive report on its plans to start manufacturing a data center chip in September

** Custom chip code-named "Iris"; co is working with Broadcom AVGO.O to help design the chip and contract chipmaker TSMC 2330.TW to manufacture it, according to an internal memo reviewed by Reuters

** Co has secured long-term, multi-year supply agreements with Samsung Electronics 005930.KS for memory chips, Sandisk SNDK.O for flash storage and Sumitomo Electric 5802.T for fiber-optic equipment - memo

** Up to last close, META down 8.6% YTD

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