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Apple (NASDAQ:AAPL) CEO Tim Cook confirmed earlier reports about the company’s U.S. investment commitments in an Oval Office event Wednesday, saying that the firm would boost an early 2025 commitment by $100B over the coming four years.
Apple (NASDAQ:AAPL) is now committing to $600B in U.S. investment over that time span, up from an early February promise to invest $500B.
The news comes amid the context that President Trump has regularly urged Apple to bring iPhone manufacturing home to the U.S. from overseas.
Trump on Wednesday said it was a “significant step toward the ultimate goal of ensuring that iPhones sold in the United States of America also are made in America.”
Cook (NASDAQ:AAPL) used the occasion to tout the company’s “American Manufacturing Program,” a part of the new $100B in commitments, that he said would “bring even more jobs and advanced manufacturing to the U.S.” — 450,000 jobs with suppliers and partners in all 50 states, and manufacturing at 79 U.S. factories, according to an Apple video that highlighted U.S. locations for MP Materials (MP), Corning (GLW) and Texas Instruments (TXN) as well as Apple’s own facilities in North Carolina and Texas.
Corning stock (GLW) spiked more than 4% after hours. Texas Instruments (TXN) rose by 0.6%, while MP Materials (MP) rose 1.2%.
Trump said Apple (AAPL) would build a 250,000-square-foot server manufacturing facility in Houston and invest billions in data centers across the country, along with chip-making and chip equipment in Texas, Utah, Arizona and New York.
Trump also said that he would move to implement a 100% tariff on all imported semiconductors, with exemptions for companies who make U.S. manufacturing commitments.