process technology for commercial wireless applications, which had benefits in power efficiency, linearity, complexity and size, while also having expertise in older GaAs MESFET and silicon polar transistor process technology. To strengthen its position in silicon-based products, RFMD entered into an agreement with IBM to use its Blue Logic silicon process technology, and in 1999 gained access to IBM's silicon germanium foundry services. After construction of the company's own fabrication facilities was completed in 1998, its revenues for fiscal year 1999 ending March 27 more than tripled to $153 million, with net income of $20 million. RFMD's stock price increased to a high of about $95 in March 1999, and the stock split several times. Following a supply agreement with Nokia, at the time the world's largest cell phone maker, sales to Nokia consisted of 59% of the company's revenue in fiscal year 2000. Nokia continued to be RFMD's largest customer for several years until 2011. On March 3, 2000, the closing price of RFMD's stock reached its highest level of $175 ($87.5 adjusted for subsequent stock splits), representing a market capitalization of approximately US$15 billion, based on 86 million shares outstanding. RFMD was a member of the NASDAQ-100 index from 1999 to 2003. After reaching its peak during the tech bubble, the stock price declined substantially and remained below $10 until 2014. Development of Polaris transceiver technology In 2002, RFMD announced Polaris (Polaris Total Radio transceiver), a three IC solution aimed at GSM/GPRS/EDGE mobile phone architectures. By adding transceiver technology, the company sought to increase its content in GSM/GPRS/EDGE handsets. Polaris chipsets were designed into handsets from Motorola and significantly contributed to revenue growth by 2005. RFMD started high-volume shipments of Polaris 3 (a fully integrated quad-band EDGE RF front-end) to Nokia in the 2007. However, as Motorola handset sales weakened in 2007, and a strategic shift towards a single-chip baseband/transceivers and away from RFMD's Polaris transceivers was evident at customers such as Motorola, RFMD's Polaris business began to see challenges. In May 2008, after significantly reduced expectations for transceiver revenue at RFMD's largest POLARIS 2 customer, RFMD announced that it would eliminate all product development expenses related to wireless systems, including cellular transceivers and GPS, although it would continue to support current products. In June 2008, it announced that its Polaris solutions, including the most recent Polaris 3 which was still ramping up, continued to be designed into