Apple Inc (NASDAQ:AAPL, ETR:APC) shares jumped almost 6% on reports that the company will announce an additional $100 billion in US manufacturing commitments this afternoon.
This latest move to ramp up its domestic production and avoid potential tariffs will bring Apple’s total planned investment in the US over the next four years to $600.
The iPhone maker is set to announce the investment alongside President Donald Trump during a press conference at the White House.
The announcement will reportedly include what the White House has dubbed the American Manufacturing Program, which will bring more of Apple’s supply chain and advanced manufacturing to the US.
“Apple has had a miserable time compared to most of the Magnificent 7, but today’s news of a $100 billion commitment to the US allays fears of targeted measures against the company and has lifted the share price,” IG chief market analyst Chris Beauchamp said in a statement.
“Last week’s earnings seem to have put the lid on bearish sentiment for now, and a decent rally from this struggling titan could be an ideal tonic for tech stocks that are now sorely in need of a catalyst.”
Shares of Apple were trading around $215 in the early afternoon on Wednesday.