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Samsung Electronics (OTCPK:SSNLF) climbed on Thursday after Apple (NASDAQ:AAPL) said it would source chips from the company’s Texas factory.
“By bringing this technology to the U.S. first, this facility will supply chips that optimize power and performance of Apple products, including iPhone devices shipped all over the world,” the company said in a statement.
The announcement comes at a time when President Trump has been aggressively pushing companies to move their manufacturing to the U.S.
Tesla (TSLA) CEO Elon Musk last week confirmed that the EV maker has signed a $16.5 billion semiconductor supply deal with Samsung Electronics (OTCPK:SSNLF).
In a separate development, South Korea’s top trade envoy Yeo Han-koo said on Thursday that Samsung Electronics and SK hynix (OTCPK:HXSCF) will not be subject to 100% U.S. tariffs on chips.
Seoul-listed Samsung shares rose as much as 3.2% to 71,000 won.
More on Apple, Samsung Electronics
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- Trump eyes 100% chip tariffs, offers exemption for U.S. manufacturing
- Apple stock extends gains, rises 3% postmarket after confirming new $100B U.S. investment