Apple CEO Tim Cook poses as Apple holds an event at the Steve Jobs Theater on its campus in Cupertino, California, on Sept. 9, 2024.
Manuel Orbegozo | Reuters
The most anticipated part of Apple’s Thursday earnings won’t be iPhone sales or Mac forecasts – it’ll be CEO Tim Cook’s comments on how the company is dealing with President Donald Trump’s tariffs.
Apple is one of the most exposed companies to Trump’s tariffs and expected retaliation. It makes about three-quarters of its overall revenue from physical goods — iPhones, Macs and Apple Watches — mostly made in China or elsewhere in Asia. And the U.S. is its largest market.
“It’s how Apple responds to ‘everything else’ that will set the tone for post-earnings sentiment,” wrote Morgan Stanley analyst Erik Woodring in a Monday note.
He has an overweight rating on the stock, and wants to hear what Cook and Apple finance chief Kevan Parekh have to say about how the company is mitigating supply chain and tariffs risks, if Apple will raise prices or eat costs, and the status of Cook’s relationships with Trump and Chinese President Xi Jinping.
Apple hasn’t commented on the hefty tariffs Trump announced for every country in the world on April 2, but they represent a deep threat to the iPhone maker’s supply chain and sent the company’s share price down 9%.
“We are monitoring the situation and don’t have anything more to add than that,” Cook said during Apple’s January earnings call. Those were the company’s most recent comments on Trump’s trade policy.
Apple is perhaps the highest-profile example of a company that’s gotten caught up in Trump’s trade war.
It’s the most valuable U.S. company, hundreds of millions of Americans own iPhones and Cook built his reputation in Silicon Valley as an operations expert who keeps Apple’s inventory low and its logistics tight.
But Apple and Cook have stayed tight-lipped publicly even as Trump administration officials called for the company to move iPhone production to the U.S., imagining millions of Americans “screwing in little screws” to build the devices.
The White House suggested that Apple was capable of building iPhones in the U.S., something that many analysts said is impossible at worst and would result in a $3,500 iPhone at best.
“I speak to Tim Cook. I helped Tim Cook, recently, and that whole business,” Trump said in an oval office briefing earlier this month after he delayed the highest-tariffs on non-China nations for 90 days. It was a move that boosted Apple stock. Cook has maintained a line of communication with the Trump administration, according to Trump, dating back to his first term.
Apple CEO Tim Cook escorts President Donald Trump as he tours Apple’s Mac Pro manufacturing plant with Treasury Secretary Steven Mnuchin looking on in Austin, Texas, November 20, 2019.
Tom Brenner | Reuters
Now it’s time to hear from Apple itself.
The tariffs are a material issue that will eventually affect the company’s financials. TD Cowen predicts that the current tariffs will cost Apple about 6% of its annual earnings this year. Apple reported about $94 billion in profit in its fiscal 2024.
It’s not just investors that want a peek into Apple’s thinking — Sen. Elizabeth Warren, D-Mass., questioned Cook about what he discussed with the Trump administration ahead of the president’s decision to pause tariffs on non-China nations.
Apple’s share price remains lower than it was on April 2, even though analysts have said the pause will give Apple some flexibility to avoid the highest tariffs, thanks to its production locations in India and Vietnam.
Several recent reports have said that Apple will try to source as many iPhones as possible from from India, which only faces a 10% tariff, to avoid the highest 145% tariffs on China. But although Apple has been ramping up iPhone production in India since 2017, the company has only recently begun to ship commercially significant quantities in recent years, and Apple hasn’t confirmed the pivot to India or discussed its Indian production capabilities.
“While it’s possible for all 25 million of India capacity to be allocated to the US near-term, we think it could take approximately a year for production to double to 50 million overall,” TD Cowen analyst Krish Sankar wrote Monday, saying that Apple is expected to sell between 65 million and 70 million iPhones in the U.S. this year.
Apple declined to comment on sourcing iPhones to the U.S. from India.
Another closely-watched metric will be Apple’s China revenue, which could indicate if rising nationalism will hurt iPhone sales in the company’s third largest market, which includes Hong Kong and Taiwan.
Some analysts have noted that the smartphone owners in China are more likely to switch phone brands than Western consumers. There’s concern that now those Chinese consumers could take cues from media and government officials and buy Chinese phone brands, such as phones made by Huawei.
Dipanjan Chatterjee, principal analyst at Forrester, said that if Apple were to move a lot of production out of China, it would also have to consider if that could upset the Chinese consumer.
“If Apple is going to pull production out of China, that’s not going to go down well in that market,” Chatterjee said. “They’re going to hedge. You’re going to see a lot more saying and a little bit of tinkering and not a whole lot of doing.”
Analysts polled by FactSet expect Apple to report $1.62 in earnings per share on $94.19 billion in sales, which would be an almost 4% revenue increase on an annual basis.
The lawsuit, filed by Musk’s AI startup xAI and its social network business X, alleges Apple and OpenAI have “colluded” to maintain monopolies in the smartphone and generative AI markets.
Musk’s xAI acquired X in March in an all-stock transaction.
It accuses Apple of deprioritizing so-called “super apps” and generative AI chatbot competitors, such as xAI’s Grok, in its App Store rankings, while favoring OpenAI by integrating its ChatGPT chatbot into Apple products.
“In a desperate bid to protect its smartphone monopoly, Apple has joined forces with the company that most benefits from inhibiting competition and innovation in AI: OpenAI, a monopolist in the market for generative AI chatbots,” according to the complaint, which was filed in U.S. District Court for the Northern District of Texas.
An OpenAI spokesperson said in a statement: “This latest filing is consistent with Mr. Musk’s ongoing pattern of harassment.”
Representatives from Apple didn’t immediately respond to a request for comment.
The Tesla CEO launched xAI in 2023 in a bid to compete with OpenAI and other leading chatbot makers.
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Musk earlier this month threatened to sue Apple for “an unequivocal antitrust violation,” saying in a post on X that the company “is behaving in a manner that makes it impossible for any AI company besides OpenAI to reach #1 in the App Store.”
After Musk threatened to sue Apple, OpenAI CEO Sam Altman responded: “This is a remarkable claim given what I have heard alleged that Elon does to manipulate X to benefit himself and his own companies and harm his competitors and people he doesn’t like.”
An Apple spokesperson previously said its App Store was designed to be “fair and free of bias,” and that the company features “thousands of apps” using a variety of signals.
Apple last year partnered with OpenAI to integrate ChatGPT into iPhone, iPad, Mac laptop and desktop products.
Several users replied to Musk’s post on X via its Community Notes feature saying that rival chatbot apps such as DeepSeek and Perplexity were ranked No. 1 on the App Store after Apple and OpenAI announced their partnership.
The lawsuit is the latest twist in an ongoing clash between Musk and Altman. Musk co-founded OpenAI alongside Altman in 2015, before leaving the startup in 2018 due to disagreements over OpenAI’s direction.
Musk sued OpenAI and Altman last year, accusing them of breach of contract by putting commercial interests ahead of its original mission to develop AI “for the benefit of humanity broadly.”
In a counter claim, OpenAI has alleged that Musk and xAI engaged in “harassment” through litigation, attacks on social media and in the press, and through a “sham bid” to buy the ChatGPT-maker for $97.4 billion designed to harm the company’s business relationships.
Jensen Huang, CEO of Nvidia, is seen on stage next to a small robot during the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, on June 11, 2025.
Gonzalo Fuentes | Reuters
Nvidia announced Monday that its latest robotics chip module, the Jetson AGX Thor, is now on sale for $3,499 as a developer kit.
The company calls the chip a “robot brain.” The first kits ship next month, Nvidia said last week, and the chips will allow customers to create robots.
After a company uses the developer kit to prototype their robot, Nvidia will sell Thor T5000 modules that can be installed in production-ready robots. If a company needs more than 1,000 Thor chips, Nvidia will charge $2,999 per module.
CEO Jensen Huang has said robotics is the company’s largest growth opportunity outside of artificial intelligence, which has led to the Nvidia’s overall sales more than tripling in the past two years.
“We do not build robots, we do not build cars, but we enable the whole industry with our infrastructure computers and the associated software,” said Deepu Talla, Nvidia’s vice president of robotics and edge AI, on a call with reporters Friday.
The Jetson Thor chips are based on a Blackwell graphics processor, which is Nvidia’s current generation of technology used in its AI chips, as well as its chips for computer games.
Nvidia said that its Jetson Thor chips are 7.5 times faster than its previous generation. That allows them to run generative AI models, including large language models and visual models that can interpret the world around them, which is essential for humanoid robots, Nvidia said. The Jetson Thor chips are equipped with 128GB of memory, which is essential for big AI models.
Companies including Agility Robotics, Amazon, Meta and Boston Dynamics are using its Jetson chips, Nvidia said. Nvidia has also invested in robotics companies such as Field AI.
However, robotics remains a small business for Nvidia, accounting for about 1% of the company’s total revenue, despite the fact that it has launched several new robot chips since 2014. But it’s growing fast.
Nvidia recently combined its business units to group its automotive and robotics divisions into the same line item. That unit reported $567 million in quarterly sales in May, which represented a 72% increase on an annual basis.
The company said its Jetson Thor chips can be used for self-driving cars as well, especially from Chinese brands. Nvidia calls its car chips Drive AGX, and while they are similar to its robotics chips, they run an operating system called Drive OS that’s been tuned for automotive purposes.
Intel’s CEO Lip-Bu Tan speaks at the company’s Annual Manufacturing Technology Conference in San Jose, California, U.S. April 29, 2025.
Laure Andrillon | Reuters
Intel on Monday warned of “adverse reactions” from investors, employees and others to the Trump administration taking a 10% stake in the company, in a filing citing risks involved with the deal.
A key concern area is international sales, with 76% of Intel’s revenue in its last fiscal year coming from outside the U.S., according to the filing with the Securities and Exchange Commission. The company had $53.1 billion in revenue for fiscal year 2024, down 2% from the year prior.
For Intel’s international customers, the company is now directly tied to President Donald Trump‘s ever-shifting tariff and trade policies.
“There could be adverse reactions, immediately or over time, from investors, employees, customers, suppliers, other business or commercial partners, foreign governments or competitors,” the company wrote in the filing. “There may also be litigation related to the transaction or otherwise and increased public or political scrutiny with respect to the Company.”
Intel also said that the potential for a changing political landscape in Washington could challenge or void the deal and create risks to current and future shareholders.
The deal, which was announced Friday, gives the Department of Commerce up to 433.3 million shares of the company, which is dilutive to existing shareholders. The purchase of shares is being funded largely by money already awarded to Intel under President Joe Biden‘s CHIPS Act.
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Intel has already received $2.2 billion from the program and is set for another $5.7 billion. A separate federal program awarded $3.2 billion, for a total of $11.1 billion, according to a release.
Trump called the agreement “a great Deal for America” and said the building of advanced chips “is fundamental to the future of our Nation.”
Shares of Intel rallied as momentum built toward a deal in August, with the stock up about 25%.
The agreement requires the government to vote with Intel’s board of directors. In the Monday filing, the company noted that the government stake “reduces the voting and other governance rights of stockholders and may limit potential future transactions that may be beneficial to stockholders.”
Furthermore, the company acknowledged in the filing that it has not completed an analysis of all “financial, tax and accounting implications.”
Intel’s tumultuous fiscal year 2024 included the exit of CEO Pat Gelsinger in December after a four-year tenure during which the stock price tanked and the company lost ground to rivals in the artificial intelligence boom.