AngiePhotos
Shares of Apple (NASDAQ:AAPL) surged as much as +6.1% on Wednesday, after several media reports said the tech titan is set to announce a new $100B investment in the U.S. at a White House event later in the day.
AAPL was last +5.8% in afternoon trade. The stock has already added $174.23B in market cap in the session and is on track for its best intraday gain since May 12.
“Apple is having its best day relative to the S&P 500 since last year’s ballyhooed WWDC,” Bespoke Investment Group noted on X (formerly Twitter).
Apple’s (NASDAQ:AAPL) advance has given a big boost to the benchmark index (SP500) and to the tech-heavy Nasdaq Composite (COMP:IND) on Wednesday.
Earlier, Bloomberg News, Reuters, and CNBC reported that the iPhone-maker would be unveiling a $100B investment in the U.S., which would come on top of a previously pledged $500B investment over the next four years. The White House will hold an event at 1630 ET, and President Trump will likely be joined by Apple (AAPL) top boss Tim Cook.
“Unlikely to be iPhone assembly — more likely a subassembly for a small volume product, or assembly for niche products or Apple’s in-house servers,” TF International Securities analyst Ming-Chi Kuo said on X (formerly Twitter).
The investment announcement comes at a time when Trump has been aggressively pushing companies to move their manufacturing to the U.S.
For Apple’s (AAPL) stock, Wednesday’s news was also possibly just a catalyst for investors to jump back in after a tepid few days.
AAPL shares are -5.2% over the last six sessions, five of which have been negative. The world’s third-largest publicly listed firm also saw a tepid response to its latest quarterly results last week, despite crushing analyst expectations.