Apple will invest an additional $100 billion in the United States, taking its total pledge to $600 billion over the next four years, US President Donald Trump said Wednesday.
All glass covers for iPhones and Apple Watches will be made in Kentucky, Apple CEO Tim Cook says.
Apple Inc (NASDAQ:AAPL, ETR:APC) announced an additional $100 billion investment in US manufacturing at a White House event alongside President Trump, following $500 billion in previous commitments. Apple's shares rose over 1.6% after the announcement.
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Apple said it is increasing its investment in the U.S. by $100 billion, reaching a $600 billion projected investment over the next four years. That investment comes alongside its new American Manufacturing Program (AMP), which aims to increase advanced manufacturing in the U.S., the company said in a Wednesday (Aug. 6) news release.
Apple (AAPL) CEO Tim Cook joined President Donald Trump at the White House Wednesday to announce a $100 billion investment in U.S. manufacturing.
Major U.S. equities indexes pushed higher in the midweek trading session, bolstered by strength in the tech sector following reports that Apple (AAPL) was preparing to announce major investments in domestic manufacturing.
“Today's announcement with Apple is another win for our manufacturing industry that will simultaneously help reshore the production of critical components to protect America's economic and national security,” White House spokesperson Taylor Rogers told Forbes in a statement.
The 'Fast Money' traders react to Apple announcing Corning partnership.
Apple on Wednesday announced it will spend an additional $100 billion on U.S. companies and suppliers over the next four years. The company said it would spend $2.5 billion to fund a major expansion with Corning, which makes glass for iPhones in Kentucky.
Amid tariffs, Apple is expected to announce shifting more of its supply chain to domestic assembly, at a White House event.
Tech shares were aided by reports of a $100 billion U.S. manufacturing pledge from the iPhone maker. Nasdaq rose 1.2%, while the S&P 500 gained 0.7% and the Dow industrials added 0.2%.