Apple share price jumped over five percent this week after the iPhone maker announced an additional $100 billion investment in the US, a move which will help it sidestep potential tariffs on iPhones.
Apple shares gained 5.10 percent to close at $213.28 apiece, lifting the Nasdaq Composite 1.21 percent for the day.
US President Donald Trump announced the new investment plan, which brings Apple’s total commitment to $600 billion. Earlier this year, the tech giant had pledged to invest $500 billion and create 20,000 jobs across the country over the next four years.
The latest investment will focus on expanding Apple’s domestic supply chain and advanced manufacturing footprint.
“Companies like Apple, they’re coming home. They’re all coming home,” Trump told reporters in the Oval Office, moments after Apple CEO Tim Cook gave him a US-made souvenir with a 24-karat gold base, reports claimed.
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When asked whether Apple could eventually assemble entire iPhones in the US, Cook explained that several components—such as semiconductors, glass, and Face ID modules—are already manufactured domestically.
However, he noted that final assembly would continue to take place overseas “for a while.”
In May, Trump had threatened to impose a 25 percent tariff on Apple products manufactured overseas.
Apple still produces the majority of its devices—including iPhones and iPads—in Asia, primarily China, though it has diversified some operations to Vietnam, Thailand, and India in recent years.
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Key partners in Apple’s latest US investment initiative include specialty glassmaker Corning, semiconductor equipment supplier Applied Materials, and chip manufacturers Texas Instruments, GlobalFoundries, and Broadcom.
Shares of Corning rose nearly four percent in after-hours trading, while Applied Materials gained close to two percent.
Apple share price has risen 1.5 percent over the past month but is down 8.5 percent over the past six months. On a year-to-date (YTD) basis, it has declined 12.5 percent, though it remains up three percent over the past year and has surged 92 percent over the last five years.