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Apple Stock Rises on $100B Domestic Manufacturing Push and Tariff Exemption
Apple Stock Rises on $100B Domestic Manufacturing Push and Tariff Exemption
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BTCCSquare news:
Apple shares climbed 3% Thursday morning, extending gains after CEO Tim Cook announced a $100 billion expansion of U.S. manufacturing at a WHITE House event. The commitment brings Apple's total domestic investment pledge to $600 billion as it accelerates efforts to diversify supply chains away from China.
The rally gained additional momentum from Taiwan Semiconductor Manufacturing Co.'s exemption from proposed 100% tariffs on imported chips. As Apple's primary processor supplier, TSMC's reprieve from the trade measure removes a potential cost headwind for iPhone production.
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