Tim Cook Calls Apple’s $600B US Investment An ‘Extraordinary Commitment’ With Potential ‘Domino Effect’

Apple, Inc. (AAPL) CEO Tim Cook discussed the ripple effects of the company’s proposed domestic investments, triggered by President Donald Trump's efforts to boost U.S. manufacturing, in an interview with CNBC host Jim Cramer over the weekend.

Speaking from Harrodsburg, Kentucky — home to a Corning plant that supplies Apple — Cook said the town was “thriving” thanks to Corning’s relationship with Apple. He noted the company has committed $600 billion in U.S. investments over the next four years. “It is an extraordinary commitment. And there are 79 factories across the U.S. that will benefit from this,” he said.

While clarifying that Corning, into which Apple plans to invest $2.5 billion, is one of the 79 factories across the U.S. that stand to gain, Cook said, “It’s a great start, and a very important one, because the glass is something you interface with all the time right on your phone.”

The Apple CEO also delved into the ripple effect in the form of other companies setting up shop to be part of its supply chain. “If we come, there will be more companies coming; It's a domino effect kind of thing.” 

Cook said the government’s role is regulatory and also “setting the leadership”, which he said Trump has done.

Apple stock, which is the laggard among the Magnificent Seven group of mega-cap stocks due to demand worries, has risen for the past three sessions.  On Stocktwits, retail sentiment toward the stock has improved to ‘bullish’ (65/100) by late Monday from ‘neutral’ a day ago, and the message volume remained ‘high.’

Cook also said Apple will support small- and medium-sized businesses through a planned manufacturing academy in Detroit and by bringing parts of its curriculum to community colleges and schools.

Asked why Apple chose domestic investment over buybacks, Cook said most shareholders trust management to allocate capital and that the company has not “received a single complaint” about the $600 billion commitment.

While doubling down on U.S. investment, Cook stressed Apple’s strong relationships abroad, noting open dialogue with India and China about job creation. “We try to bring the best of ourselves to those countries,” he said, adding he has “great relationships in many countries around the world and want to keep that up.”

Cook also said Trump, whom he met last week alongside other tech leaders at the White House, was “well-versed” on Harrodsburg’s progress. He hinted that other small U.S. towns could see similar benefits.

Apple shares are down more than 5% year-to-date.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Read Next: Warner Bros. Discovery, Nvidia, Bank of America, New Fortress Energy, Broadcom: What Sparked Heavy After-Hours Trading In These 5 Stocks?