Apple To Likely Make Investment Commitment, Says White House Economic Advisor Kevin Hassett: Report

Apple Inc. (AAPL) is reportedly likely to make an announcement related to an investment commitment in the U.S., according to the White House.

“They're moving here in droves. This is trillions and trillions of dollars of commitments for people to build new factories here. In fact, you're likely to see one today from Apple," said White House economic advisor Kevin Hassett, according to a Reuters report, citing Hassett’s interview with Fox Business earlier Wednesday.

Apple’s shares surged nearly 2% in Wednesday’s pre-market trading session. Stocktwits data showed the retail sentiment around the AAPL stock was in the ‘extremely bullish’ territory.

A Bloomberg report stated that Apple would make a fresh $100 billion investment commitment, and that the announcement would be made by President Donald Trump later on Wednesday.

“Today’s announcement with Apple is another win for our manufacturing industry that will simultaneously help reshore the production of critical components to protect America’s economic and national security,” said White House spokesperson Taylor Rogers, according to the report.

Earlier in February, Apple said it would invest $500 billion in the U.S. over the next four years. This commitment included Apple’s purchases in the U.S. for the production of shows and movies in the country for its Apple TV+ streaming service.

Apple also said a part of its $500 billion investment would go towards building a factory in Texas for its artificial intelligence servers. It also said it would add about 20,000 jobs in the research and development category across the U.S. over the next four years.

AAPL stock is down nearly 19% year-to-date and around 2% in the last 12 months.

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