In a bombshell press release issued Monday, UK chip designer Imagination Technologies said Apple told it that it would end a fruitful deal to use Imagination's blueprints for customized graphics cores in its own A-series chips powering iPhone, iPad, iPod touch, Apple Watch and Apple TV devices.
Apparently, the Cupertino company is now looking to create independent GPU designs that could be ready in about two year's time. Shares of Imagination immediately plunged over 70 percent to their lowest level since the financial crisis in 2009, wiping over $625 million off the company's market value.