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Apple said yesterday it would spend $500 billion in US investments in the next four years that will include a giant factory in Texas for artificial intelligence servers and add about 20,000 research and development jobs across the country in that time.
That $500 billion in expected spending includes everything from purchases from US suppliers to US filming of television shows and movies for its Apple TV+ service. The company declined to say how much of the figure it was already planning to spend with its US supply base, which includes firms such as Corning that makes glass for iPhones in Kentucky.
The move comes after media reports that Apple CEO Tim Cook met President Donald Trump last week. Many of Apple’s products that are assembled in China could face 10 per cent tariffs imposed by Trump earlier this month, though the iPhone maker had secured some waivers from China tariffs in the first Trump administration.
“This pledge represents a political gesture towards the Trump administration,” said Gil Luria, analyst at DA Davidson, noting that the $500bn likely includes all of Apple’s spending in the US, including general and administrative costs.
“It is unclear whether this announcement represents an acceleration in spend.”
Apple made a similar announcement about its US spending plans in 2018, during the first Trump administration, when it said its new and ongoing investments would contribute $350bn to the US economy over five years.
Shares were down 0.8pc in pre-market trading.
Trump, in a Truth Social post, thanked Apple and Cook, saying the move reflected the company’s faith in his administration.
Most of Apple’s consumer products are assembled outside the US, though many of Apple components are still made there, including chips from Broadcom, SkyWorks Solutions and Qorovo.
Apple said it last month started mass producing chips of its own design at an Arizona factory owned Taiwan Semiconductor Manufacturing Company.
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