U.S. President Donald Trump speaks as Apple CEO Tim Cook gestures, as they present Apple’s announcement of a $100 billion investment in U.S. manufacturing, while U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick stand in the Oval Office at the White House in Washington, D.C., U.S., August 6, 2025.
Jonathan Ernst | Reuters
Apple CEO Tim Cook and President Donald Trump on Wednesday announced that the iPhone maker will spend an additional $100 billion on U.S. companies and suppliers over the next four years.
The company said its investment would incentivize overseas companies to buy more U.S.-made parts. The commitment is on top of a $500 billion announcement that Apple made in February.
“This is the largest investment Apple has ever made in America and anywhere else,” Trump said. “As you know, Apple has been an investor in other countries a little bit, I won’t say which ones, but a couple, and they’re coming home.”
Trump said that he expects new U.S. factories to be built soon based on his policies.
“There are a lot of factories and a lot of plants that are either under construction or soon we’ll be starting construction,” Trump said. “So can’t tell you exactly when, but I want to be around a year from now.”
The company said it would spend $2.5 billion to fund a major expansion with Corning, which makes glass for iPhones in Kentucky. Apple said that all glass for iPhones and Apple Watches will be manufactured in the U.S. at Corning’s facility.
A gift given by Apple CEO Tim Cook to U.S. President Donald Trump stands on President Trump’s table, as they present Apple’s announcement of a $100 billion investment in U.S. manufacturing, in the Oval Office at the White House in Washington, D.C., U.S., August 6, 2025.
Jonathan Ernst | Reuters
At the White House, Cook presented Trump with a souvenir based on Corning’s glass.
Apple also said it had a multiyear supply agreement with Coherent to produce lasers for the iPhone’s facial recognition system.
The company said its U.S.-based supply chain would produce more than 19 billion chips for its products this year. That’s including chips made by TSMC in Arizona, Apple said. It also includes U.S.-made wafers from GlobalWafers and chips from Texas Instruments.
Apple said it would collaborate with Texas Instruments to install additional tools in factories in Utah and Texas. GlobalFoundries, a U.S.-based foundry that manufactures older chips particularly for the U.S. government, will manufacture wireless charging technology in New York for Apple.
The iPhone maker said its goal was to have an “end-to-end” supply chain, which means that every part of the chipmaking process can take place on American soil.
“Oh, I love that you’re doing this,” Trump said after reading a list of Apple’s announcements.
“President Trump shared some kind words about that work, but he also asked us to think about what more we could commit to doing,” Cook said about Apple’s earlier initial $500 billion commitment. “Mr. President, we took that challenge very seriously.”
Trump has criticized Apple and Cook for not making its smartphones in the U.S., a move that Apple has never signaled that it is likely to make. Experts say that moving production of a high-volume, complicated electronics product like the iPhone to the U.S. would be economically infeasible and could take years.
When asked about the possibility of making the iPhone in the U.S. on Wednesday, Cook said that many of the parts inside the device were made in the U.S.
“If you look at the bulk of it, we’re doing a lot of the semiconductors here, we’re doing the glass here, we’re doing the face ID module here,” Cook said.
Not Apple’s first U.S. commitment
Apple has made similar announcements in the past. In 2018, under pressure during the first Trump administration, Apple committed to spend $350 billion in the U.S. over five years, or about $70 billion per year. In 2021, Apple announced plans to spend $430 billion over five years, or $86 billion per year in the U.S. Wednesday’s announcement has the company at $600 billion over four years, or $125 billion per year.
Much of what Apple has announced has come to fruition, although the company doesn’t report its U.S. spending on an annual basis and suppliers generally don’t break out how much revenue comes from Apple.
The company also faces increased tariffs that could hurt its profits. It’s currently paying for tariffs placed on Chinese imports earlier this year, and faces increased import taxes on semiconductors when the Trump Administration finishes a so-called Section 232 investigation.
Trump said on Wednesday that he planned to impose a 100% tariff on semiconductors and chips, but that Apple was exempt because it is committing to build in the U.S.
Apple in May said that the majority of phones it’s selling in the U.S. are assembled in India to avoid Chinese tariffs, and although tariffs on India are going up to 25%, White House sources told CNBC that the iPhone maker will be “largely unaffected” by the India tariffs. Apple said that tariffs could cost the company $1.1 billion in the current quarter.
In 2017, Apple announced that it was creating a $1 billion manufacturing fund, which would go towards future purchase commitments with U.S. suppliers. Apple raised that to $10 billion earlier this year. Corning, one of the participants in Wednesday’s announcement, previously got two publiccommitments from Apple’s manufacturing fund.
In 2021, Apple said that its U.S. spending was outpacing its initial 2018 announcement. In its initial announcement, the company said it would spend $10 billion on data centers in North Carolina, Oregon, Nevada, Arizona and Iowa. Apple operates data centers in all those states today.
Apple on Wednesday said it was expanding data centers in North Carolina, Iowa, Nevada and Oregon.
The launch of an Instagram feature that details users’ geolocation data illicited backlash from social media users on Thursday.
Meta debuted the Instagram Map tool on Wednesday, pitching the feature as way to “stay up-to-date with friends” by letting users share their “last active location.” The tool is akin to Snapchat’s Snap Map feature that lets people see where their friends are posting from.
Although Meta said in a blog post that the feature’s “location sharing is off unless you opt in,” several social media users said in posts that they were worried that was not the case.
“I can’t believe Instagram launched a map feature that exposes everyone’s location without any warning,” said one user who posted on Threads, Meta’s micro-blogging service.
Another Threads user said they were concerned that bad actors could exploit the map feature by spying on others.
“Instagram randomly updating their app to include a maps feature without actually alerting people is so incredibly dangerous to anyone who has a restraining order and actively making sure their abuser can’t stalk their location online…Why,” said the user in a Threads post.
Instagram chief Adam Mosseri responded to the complaints on Threads, disputing the notion that the map feature is exposing people’s locations against their will.
“We’re double checking everything, but so far it looks mostly like people are confused and assume that, because they can see themselves on the map when they open, other people can see them too,” Mosseri wrote on Thursday. “We’re still checking everything though to make sure nobody shares location without explicitly deciding to do so, which, by the way, requires a double consent by design (we ask you to confirm after you say you want to share).”
Still, some Instagram users claimed that that their locations were being shared despite not opting in to using the map feature.
“Mine was set to on and shared with everyone in the app,” said a user in a Threads post. “My location settings on my phone for IG were set to never. So it was not automatically turned off for me.
A Meta spokesperson reiterated Mosseri’s comments in a statement and said “Instagram Map is off by default, and your live location is never shared unless you choose to turn it on.”
“If you do, only people you follow back — or a private, custom list you select — can see your location,” the spokesperson said.
Tesla’s vice president of hardware design engineering, Pete Bannon, is leaving the company after first joining in 2016 from Apple, CNBC has confirmed.
Bannon was leading the development of Tesla’s Dojo supercomputer and reported directly to Musk. Bloomberg first reported on Bannon’s departure, and added that Musk ordered his team to shut down, with engineers in the group getting reassigned to other initiatives.
Tesla didn’t immediately respond to a request for comment.
Since early last year, Musk has been trying to convince shareholders that Tesla, his only publicly traded business, is poised to become an an artificial intelligence and robotics powerhouse, and not just an electric vehicle company.
A centerpiece of the transformation was Dojo, a custom-built supercomputer designed to process and train AI models drawing on the large amounts of video and other data captured by Tesla vehicles.
Tesla’s focus on Dojo and another computing cluster called Cortex were meant to improve the company’s advanced driver assistance systems, and to enable Musk to finally deliver on his promise to turn existing Teslas into robotaxis.
On Tesla’s earnings call in July, Musk said the company expected its newest version of Dojo to be “operating at scale sometime next year, with scale being somewhere around 100,000 H-100 equivalents,” referring to a supercomputer built using Nvidia’s state of the art chips.
Tesla recently struck a $16.5 billion deal with Samsung to produce more of its own A16 chips with the company domestically.
Tesla is running a test Robotaxi service in Austin, Texas, and a related car service in San Francisco. In Austin, the company’s vehicles require a human safety supervisor in the front passenger seat ready to intervene if necessary. In San Francisco, the car service is operated by human drivers, though invited users can hail a ride through a “Tesla Robotaxi” app.
On the earnings call, Musk faced questions about how he sees Tesla and his AI company, xAI, keeping their distance given that they could be competing against one another for AI talent.
Musk said the companies “are doing different things.” He said, “xAI is doing like terabyte scale models and multi-terabyte scale models.” Tesla uses “100x smaller models,” he said, with the automaker focused on “real-world AI,” for its cars and robots and xAI focused on developing software that strives for “artificial super intelligence.”
Musk also said that some engineers wouldn’t join Tesla because “they wanted to work on AGI,” one reason he said he formed a new company.
Tesla has experienced an exodus of top talent this year due to a combination of job terminations and resignations. Milan Kovac, who was Tesla’s head of Optimus robotics engineering, departed, as did David Lau, a vice president of software engineering, and Omead Afshar, Musk’s former chief of staff.
Here’s how the company did based on average analysts’ estimates compiled by LSEG:
Loss: Loss per share of 24 cents.
Revenue: $61 million vs. $55.2 million expected
The virtual care company’s revenue increased 49% in its second quarter from $41.21 million a year earlier. The company reported a net loss of $5.31 million, or a 24-cent loss per share, compared to a net loss of $10.69 million, or $1.40 loss per share, during the same period last year.
“We believe our Q2 performance reflects Omada’s ability to capture tailwinds in cardiometabolic care, to effectively commercialize our GLP-1 Care Track, and to leverage advances in artificial intelligence for the benefit of our members,” Omada CEO Sean Duffy said in a release.
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For its full year, Omada expects to report revenue between $235 million to $241 million, while analysts were expecting $222 million. The company said it expects to report an adjusted EBITDA loss of $9 million to $5 million for the full year, while analysts polled by FactSet expected a wider loss of $20.2 million.
Omada, founded in 2012, offers virtual care programs to support patients with chronic conditions like prediabetes, diabetes and hypertension. The company describes its approach as a “between-visit care model” that is complementary to the broader health-care ecosystem.
The stock opened at $23 in its debut on the Nasdaq in June. At market close on Thursday, shares closed at $19.46.
Omada said it finished its second quarter with 752,000 total members, up 52% year over year.
The company will discuss the results during its quarterly call with investors at 4:30 p.m. ET.