Tech giant Apple (NASDAQ:AAPL) is planning to settle its lawsuit against chip startup Rivos. The firm had accused Rivos of stealing its computer chip technology secrets, according to Reuters. The companies jointly told the U.S. District Court for the Northern District of California that they had signed an agreement to potentially settle the case.
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As a part of this agreement, Apple will be allowed to look at Rivos’ systems and retrieve any confidential information. The Cupertino-based tech company sued Rivos in 2022 and accused it of intellectual property (IP) theft of its “system-on-chip” (SoC) technology. SoC chips are integrated circuits containing many computing components, including central and graphic processing units, in a single chip. Apple also accused Rivos of poaching its engineers.
Rivos had denied these allegations and had claimed instead that Apple aimed to punish the company and any of its employees who may seek potential employment at Rivos. The company had countersued Apple last year “for unfair competition.”
In addition to its agreement with Rivos, Apple had also reached a settlement with six former employees who had chosen to work at Rivos.
What Is the Apple Stock Forecast?
Apple remains cautiously optimistic about AAPL with a Moderate Buy consensus rating based on 17 Buys, eight Holds, and one Sell. Over the past year, AAPL stock has surged by more than 20%, and the average AAPL price target of $208.07 implies an upside potential of 10.2% at current levels.
