Cirrus Logic (NASDAQ:CRUS) shares rose about 6% Thursday following an announcement that Apple named the chipmaker as a key partner in an expansion of its American Manufacturing Program. Apple said it will invest $400 million through 2030 as part of the addition, which was announced Thursday, March 26, 2026.
The expansion lists Cirrus Logic alongside foundry provider GlobalFoundries and three other suppliers. Apple framed the move as a continuation of a broader U.S. manufacturing effort that builds on a previously announced $600 billion, four-year commitment to invest in domestic production.
Under the plan, Cirrus Logic is slated to work with GlobalFoundries at the Malta, New York fab to set up new semiconductor processes. The arrangement is intended to support development of mixed-signal solutions for several Apple products, and it explicitly includes integrated circuits aimed at next-generation Face ID technology.
Apple’s inclusion of the Face ID component marks a new socket for Cirrus with its largest customer. The company and Apple did not provide a timeline for when any new Face ID IC could enter production or begin to ramp.
Analyst commentary highlighted the potential financial scale of the Face ID opportunity while noting substantial uncertainties. Stifel analyst Tore Svanberg said: "While it is still early, we estimate that the next-gen Face ID IC could command an ASP in the ~$2.00 range and will likely be present initially on Pro iPhone models. If we conservatively estimate ~90mn in Pro iPhone sales in Cirrus’ FY2027E, this socket could be a $180mn incremental revenue opportunity for Cirrus if it ramps during that time. Our current FY2027E revenue estimate is $2.14bn and it does not include this opportunity, which could add ~8.4% to our estimate if realized as we present here. We note we are not updating our estimates based on this announcement today."
The Stifel estimate ties an assumed average selling price of roughly $2.00 per device to a hypothetical install base of 90 million Pro model iPhones in Cirrus’ fiscal 2027 estimate, producing a potential incremental revenue figure of $180 million. That figure, if it were to materialize in FY2027, would equate to an approximate 8.4% lift on Stifel’s stated $2.14 billion revenue projection for that year, though the firm said it was not adjusting its forecasts at this time.
Market response was centered on the revenue opportunity and the strategic significance of closer manufacturing ties in the U.S. The use of GlobalFoundries’ Malta facility suggests a path to localize production for specialty mixed-signal parts, a relevant development for suppliers in the semiconductor value chain and for Apple’s device components strategy.
Uncertainties remain. No production schedule or ramp timing for the Face ID IC was provided, and analyst commentary framed the outcome as conditional on an eventual product placement and volume ramp. The announcement therefore represents a potential catalyst for Cirrus Logic revenue rather than a guaranteed near-term sales increase.
Investors will likely watch for further details on manufacturing timelines, qualification milestones at the Malta fab, and any formal confirmations from Apple or Cirrus about product roadmaps that would clarify when, or if, the projected Face ID IC could contribute materially to Cirrus’ top line.