Apple’s $430 Billion Spending Spree Is the Ultimate Power Play
The tech giant pledged to invest tens of billions in the U.S. on next-generation chips, artificial intelligence and 5G technologies. The timing isn’t coincidental.
Apple is investing in areas that will be critically important for its future. But there’s a political element in the announcement, too.
Photographer: David Paul Morris/BloombergAdministrations come and go, but CEOs like Apple Inc.’s Tim Cook know there’s no better way to wave the flag than to flash the wallet, whoever is in charge.
On Monday, Apple Inc. said it was raising its U.S. investment commitments by 20% over the next five years to $430 billion. The new figure, which includes spending with American suppliers, building data centers and other domestic expenditures, replaces its previous five-year goal of $350 billion set in 2018 under the Trump administration. Then, corporate tax cuts prompted Apple to say it would repatriate some of its overseas cash hoard, allowing for the spending spree while also giving the company a chance to score a political point with job promises. “Huge win for American workers and the USA!,” former President Donald Trump tweeted at the time.