Imagination Tech shares plunge as Apple breaks link

Imagination Technologies Group Plc shares plunged as much as 69% after the UK chip designer said Apple will stop using its intellectual property in new products, setting the stage for a clash with its biggest customer.

The iPhone maker informed Imagination Technologies it will cease using its graphics technology for new products, including phones, tablets, and watches, in 15 months to two years.

“This is what we would describe as a black swan moment for the company and investors in Imagination,” said Neil Campling, head of technology research at Northern Trust Securities, in a research note. “We view Imagination as now uninvestable.”