Apple Inc. is planning to use its own chips in Mac computers beginning as early as 2020, replacing processors from Intel Corp.

Intel shares closed down 6.1 percent at $48.92, while the tech-heavy Nasdaq ended down 2.7 percent.

The initiative, code-named Kalamata, is still in early developmental stages but is part of a bigger strategy to make Apple’s family of devices work more similarly and seamlessly together, according to the report.

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