Apple's stock reversed course in August after tariff-related risks that weighed on the company began to ease. Tariff concerns had driven shares down, with levies costing the company $800 million in the fiscal third quarter. A $100 billion commitment to US manufacturing by Tim Cook, together with an expanded deal with Corning, reduced the perceived risk of additional tariffs and helped the stock jump 8.7% in August. Despite the rally, shares remain down year-to-date, face skepticism over artificial intelligence plans and sluggish sales growth, and trade at a premium valuation relative to recent averages.
Then, at an event in the Oval Office on Aug. 6, Apple Chief Executive Officer Tim Cook committed to spending an additional $100 billion on manufacturing in the US. Combined with the iPhone maker's expansion of a long-standing deal with glass-supplier Corning Inc., the risk of additional Trump tariffs were seen as diminishing and the stock took off, soaring 8.7% in August, putting it on pace for its best month since June 2024.
It's been a strange stretch for Apple. The stock has been a reliable winner for years, soaring more than 240% from 2020 through 2024, putting it among the 20 best performers in the tech-heavy Nasdaq 100 Index. But this year has been different. Even with its August run, the shares are still down 10% in 2025, putting them among the worst performers in the benchmark. In addition to tariffs, the company is facing skepticism about its artificial intelligence plans and sluggish sales growth.
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