Apple is developing its first server chip specially designed for artificial intelligence, the Information reported Wednesday, citing three people with direct knowledge of the matter.

The iPhone maker is working with Broadcom on the chip's networking technology, which is crucial for AI processing, the report said.

Apple and Broadcom did not immediately respond to Reuters' requests for comment.

Following the report, shares of Broadcom were up 4.8% in premarket trading.

Last year, Apple had signed a multi-billion-dollar deal with the chipmaker to develop 5G radio frequency components.