NEW YORK (TheStreet) -- Pixelworks (PXLW) is solving its Apple (AAPL) addiction by appointing an ex-iPhone exec to its board. The semiconductor company, which designs video and pixel processing chips, has placed former iPhone and iPod engineering head David Tupman on its board, according to a company announcement after the closing bell Friday.
Investors cheered the appointment Monday. Shares surged nearly 6% higher at the open and made the company one of the most discussed tickers on StockTwits.com.
$PXLW waiting for my pre-market order to fill-- Theodore Tsang (@TNTNT) Apr. 7 at 08:31 AM
Many cashtaggers bet Tupman's board spot would help Pixelworks solidify its relationship with Apple -- if not make it a takeout target. An email to Apple's press office for comment was not immediately returned.
Apple is reportedly looking into securing products needed to make its consumer electronic products and, with $159 billion in cash and equivalents, it certainly has plenty of money with which to play.
Pixelworks relies on Apple for more than 10% of its sales, according to the company's latest annual SEC filing. In its 10K filed last month, Pixelworks said that Apple's "retina" display led the push for higher resolution screens on mobile devices, thereby providing fuel for Pixelworks' products.