Imagination on Monday announced that Apple would no longer use its intellectual property, and the company’s stock sank faster than a bottomless boat on the news. Apple planned to discontinue its use of the company’s IP in new products in 15 months to two years, ending the companies’ license and royalty agreement, Imagination said. Those royalties currently account for about half the company’s revenue. Imagination’s technology and intellectual property is used in the GPUs in Apple’s phones, tablets, iPods, TV products and watches.
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