As of midnight this morning, President Trump's tariffs on dozens of America's trading partners are in effect right now. A variety of products will be hit. From European appliances to Japanese cars to toys from China and TVs from South Korea.The overall average effective tariff rate is now more than 17% which is the highest level in nearly a century. Meanwhile, Trump announced yesterday he will double tariffs on India to 50% due to the country's purchases of Russian oil. That is set to go into effect later t ...

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Core Viewpoint - A lawsuit has been filed against Apple Inc. and certain senior executives for potential violations of federal securities laws, specifically related to misrepresentations about the AI capabilities of Siri and the iPhone 16 product cycle [1][2][3]. Group 1: Lawsuit Details - Investors have until August 19, 2025, to request to lead the case, which is pending in the U.S. District Court for the Northern District of California under the caption Tucker v. Apple Inc., et al. [2] - The complaint alleges violations under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased Apple securities [2]. Group 2: Allegations Against Apple - The lawsuit claims that Apple misrepresented the advanced AI features of Siri and the timeline for their integration into devices, asserting that Apple did not have a functional prototype of these features [3][4]. - The complaint highlights that Apple announced an indefinite delay for several AI-based Siri features on March 7, 2025, leading to a significant stock price decline of $11.59 per share, or nearly 5%, from $239.07 to $227.48 [5]. Group 3: Market Reaction - Following the announcement of the delay, Apple's stock continued to decline after the Worldwide Developer Conference on June 9, 2025, where no new updates on Siri features were provided, resulting in a drop of $2.47 per share, or over 1%, from $203.92 to $201.45 [6].

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Group 1 - Apple stock surged 5.09% to $213.25, with premarket trading extending gains to $220.00 (+3.17%) following a $100 billion investment commitment to U.S. manufacturing [1][3] - The new investment brings Apple's total U.S. investment to $600 billion over the next four years, focusing on the American Manufacturing Program (AMP) [3][4] - The AMP aims to enhance Apple's supply chain and advanced manufacturing capabilities in the U.S. [3] Group 2 - Major suppliers involved in the AMP include Corning, Coherent, GlobalWafers America, Applied Materials, Texas Instruments, Samsung, GlobalFoundries, Amkor, and Broadcom [4] - Following the announcement, Wells Fargo reiterated its Overweight rating with a $245 price target, while Evercore ISI maintained an Outperform rating with a $250 price target [5][6] - Apple has a "Moderate Buy" consensus rating from 28 analysts, with 15 Buy ratings, 12 Hold ratings, and 1 Sell rating [6] Group 3 - The average 12-month price target for Apple is set at $233.10, with a range from $180.00 to $275.00 [8] - The stock price upgrades follow a strong fiscal third-quarter performance, where Apple reported $94 billion in revenue and EPS of $1.57, exceeding consensus estimates by 10-12% [8][9] - After-hours trading saw gains of 2-3% following the earnings report, although the stock slipped 0.7% during regular trading on the earnings day [9]

BING-JHEN HONG Listen below or on the go on Apple Podcasts and Spotify TSMC climbs to record levels as Taiwan says chip giant exempt from Trump tariffs. (00:23) Samsung (SSLNF) shares rise as Apple taps Texas factory for chip supply. (01:10) United Airlines (UAL) resumes operations after technical glitch. (02:15) This is an abridged transcript. TSMC has announced significant investments in the U.S recently, including an initial $65 billion to build three plants in Arizona, and an additional $100 billion U.S ...

Group 1 - NVIDIA Corporation is the undisputed leader in accelerated computing, holding a dominant market share in Graphics Processing Units (GPUs) [3]

Core Points - Apple will invest an additional $100 billion in the United States, raising its total commitment to $600 billion over the next four years [3][4] - This investment includes a significant increase in spending on the domestic supply chain, with a new production facility for iPhone screen glass in Kentucky [3][4] - Apple previously announced plans to invest $430 billion and create 20,000 jobs in the U.S. [4] Investment Details - The new investment builds on Apple's earlier commitment of over $500 billion and the creation of 20,000 jobs, which was announced in February [4] - In 2021, Apple had already pledged to invest $430 billion in the U.S. [4] - Apple is on track to have American manufacturers produce 19 billion chips across 24 factories in 12 states this year [4] Manufacturing and Tariffs - President Trump emphasized the importance of bringing manufacturing back to the U.S., stating that iPhones sold in the U.S. should also be made domestically [5] - While many components will be manufactured in the U.S., complete assembly of iPhones will still occur overseas [5] - Trump plans to impose a "100%" tariff on imported semiconductors, but TSMC will be exempt due to its U.S. factories [8] Future Plans - Apple will assist in developing and manufacturing semiconductors and semiconductor equipment in Texas, Utah, Arizona, and New York [9] - The company reported a quarterly profit of $23.4 billion, exceeding forecasts despite facing higher costs from tariffs [9]

Core Viewpoint - Apple plans to invest an additional $100 billion over the next four years to enhance manufacturing in the US, bringing its total investment to $600 billion aimed at hiring more US workers and expanding manufacturing across 10 states [1][4]. Group 1: Investment and Manufacturing Plans - Apple will develop 100% of the cover glass for iPhone and Apple Watch products in Kentucky, partnering with Corning, with a commitment of $2.5 billion for this initiative [2]. - The company aims to create an end-to-end silicon supply chain in the US, increasing domestic chip design, manufacturing, and packaging [3]. - Apple plans to hire 20,000 US workers over the next four years, supporting 450,000 jobs with suppliers and partners across all 50 states [4]. Group 2: Response to Tariffs and Production Strategy - Apple is shifting its production strategy due to steep tariffs on imports from countries where it traditionally manufactures, such as China [6]. - The company has relocated some production from China to countries like India and Vietnam to mitigate tariff impacts and reduce reliance on Chinese supply chains [7]. - Apple is preparing for the launch of the iPhone 17 in September while trying to avoid price hikes on its products due to tariffs as high as 25% [7]. Group 3: Future Manufacturing Possibilities - During a press conference, Apple CEO Tim Cook indicated that while some components are made domestically and assembly can occur in the US, he did not commit to manufacturing an entire iPhone in the US [8]. - President Trump expressed optimism about the potential for an all-US-made iPhone in the future [9]. - Apple's announcement included partnerships with companies like Texas Instruments, Broadcom, and TSMC to enhance domestic chip development and manufacturing [9]. Group 4: New Facilities and Production Capabilities - Apple has opened a new factory in Houston for server production, which will begin mass production next year to support its Apple Intelligence initiatives [10].

Investment Rating - Investment rating is maintained at "Buy" [3] Core Views - The company reported FY25Q3 revenue of $94 billion, a year-over-year increase of 9.6%, slightly above Bloomberg consensus expectations by 5.30% [6] - Operating profit reached $28.2 billion, up 11.2% year-over-year, exceeding Bloomberg consensus by 9.26% [6] - GAAP net profit was $23.4 billion, reflecting a 9.3% year-over-year increase, also above Bloomberg consensus by 9.31% [6] - Service revenue was $27.4 billion, up 13.3% year-over-year, surpassing Bloomberg expectations by 2.14% [6] - Product revenue was $66.6 billion, a year-over-year increase of 8.2%, exceeding Bloomberg expectations by 6.83% [6] - iPhone revenue was $44.6 billion, up 13.5% year-over-year, higher than Bloomberg expectations by 11.29% [6] - The Greater China region saw a revenue increase of 4.35% year-over-year, marking the first positive growth in two years, driven by national subsidy policies and promotional activities [6][7] - The company anticipates revenue growth of $416.5 billion, $438.1 billion, and $464.3 billion for FY2025, FY2026, and FY2027 respectively, with year-over-year growth rates of 6.5%, 5.2%, and 6.0% [9] Summary by Sections Financial Performance - FY25Q3 revenue was $94 billion, operating profit was $28.2 billion, and GAAP net profit was $23.4 billion, all exceeding expectations [6] - Service revenue reached $27.4 billion, while product revenue was $66.6 billion, with notable performance in iPhone and Mac sales [6][7] Regional Performance - The Greater China region achieved a revenue of $15.4 billion, marking a 4.35% increase year-over-year, attributed to national subsidies and promotional sales [6][7] - Other regions, including the US, Europe, Japan, and Asia-Pacific, also showed positive growth trends [6] Product Insights - Mac revenue increased by 15% year-over-year, driven by new M4 chip products [7] - iPad revenue declined by 8.1% year-over-year due to high base effects from the previous year [7] - Service business revenue reached a record high, with significant growth in Apple TV+ viewership and Apple Store revenue [7] Future Outlook - The company plans to launch the iPhone 17 series in September, with a focus on new product features [8] - Attention is drawn to the progress of Apple intelligence and the Google antitrust case, which may impact service revenue and overall profits [8][9]