Updated: What’s worse is the fact Apple its self might be to blame: read HERE.
Up until the 11th hour, it was speculated (with good reason) that Apple would be using–the admittedly more costly–sapphire crystal to make thr displays for at least one of it’s new iPhones. The materials is used in the fingerprint sensors to be sure, but there was plenty of talk concerning the entire screen. As the launch approaches, rumors that only 1 of the 2 new devices would employ it surfaced and then finally none. The Apple Watch seemed like a better fit for the size, weight and cost of production so I guess it makes sense.
Apple spent a good amount of money helping GT Advanced created a new facility in Tempe Arizona. Output came up quick once the facility was online. And now this: GT Advanced Technologies has announced it has filed for Chapter 11 bankruptcy protection.
The company indicated it has $85 million in cash and is currently seeking debtor-in-possession financing, which it claims will allow it to secure additional funds. It added, “GT expects the court will authorize the company to continue to conduct business as usual while it devotes renewed efforts to resolve its current issues and develops a reorganization plan.”
This morning, the stock price of GT Advanced dropped 85 percent on the NASDAQ stock market. There’s no word on how, if at all, this will affect Apple’s future products, if at all, but the situation is odd, to say the least. Think there’s something going on? Is this a GT issue or something to do with Apple?