Apple shares rose 13% this week, their biggest weekly gain in more than five years. Previously, the company's CEO Tim Cook appeared at the White House with President Trump on Wednesday. Apple shares rose 4% on Friday to close at $229.35 per share, marking their biggest weekly gain since July 2020. This week's stock price changes have added more than $400 billion to Apple's market value, which now stands at $3.4 trillion.
Apple is the world's third-largest company by market capitalization, behind Nvidia and Microsoft, and ahead of Alphabet and Amazon.
On Wednesday local time, Cook and Trump jointly announced at the White House that Apple plans to invest US$100 billion in US companies and US-made components over the next four years.
Trump is pleased with Apple's plan to buy more U.S. chips. He told a public meeting that because the company produces in the United States, it will be eligible for exemption from future tariffs that could double the price of imported chips.
Investors have been worried that some of Trump's tariff policies could severely damage Apple's profitability. Apple warned in July that it expected to incur more than $1 billion in tariff costs this quarter if there were no policy changes.
"For months, Apple has faced potential challenges from tariffs, and Apple and Tim Cook have shown great skill in dealing with this uncertainty," JPMorgan analyst Samik Chatterjee wrote on Wednesday. He gave Apple stock an "overweight" rating.
Two weeks before Cook's White House meeting was fruitful, Apple released its June quarter financial report, which showed that its total revenue increased by 10% and iPhone sales increased by 13%.