Apple awards Finisar $390M from Advanced Manufacturing Fund

Apple (AAPL) announced that Finisar (FNSR) will receive $390M from its $1B Advanced Manufacturing Fund. "The award will enable Finisar to exponentially increase its R&D spending and high-volume production of vertical-cavity surface-emitting lasers. VCSELs power some of Apple's most popular new features, including Face ID, Animoji and Portrait mode selfies made possible with the iPhone X TrueDepth camera, as well as the proximity-sensing capabilities of AirPods," Apple said in a press release. It added that Finisar will transform a 700,000-square-foot manufacturing plant in Sherman, Texas, into the "high-tech VCSEL capital of the US." Apple's award will create more than 500 high-skill jobs at the Sherman facility. Shares of Finisar are up 17% in premarket trading to $22.83.