Apple Inc (NASDAQ:AAPL, ETR:APC) announced an additional $100 billion investment in US manufacturing at a White House event alongside President Trump, following $500 billion in previous commitments.
Apple’s shares rose over 1.6% after the announcement. The new funding includes the launch of the American Manufacturing Program (AMP), which will encourage global suppliers to produce key components in the United States.
Initial AMP partners include Corning, Coherent, GlobalWafers America, Applied Materials, Texas Instruments, Samsung, GlobalFoundries, Amkor, and Broadcom.
As part of this investment, Apple pledged $2.5 billion to manufacture cover glass for iPhones and Apple Watches at Corning’s Kentucky facility and will establish an innovation centre there.
Apple also reached an agreement with Coherent for Face ID lasers and is working to build a comprehensive US silicon supply chain.
The announcement follows increased government pressure for domestic manufacturing and new tariffs targeting Apple products imported from India.