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The Wall Street Publication > Blog > U.S > Donald Trump’s ‘little problem’ with Tim Cook dinner is an enormous one for Apple
U.S

Donald Trump’s ‘little problem’ with Tim Cook dinner is an enormous one for Apple

Editorial Board Published May 23, 2025
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Donald Trump’s ‘little problem’ with Tim Cook dinner is an enormous one for Apple
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By Ryan Vlastelica, Bloomberg

Apple Inc. has develop into a frequent goal for assaults by President Donald Trump, an element that has held the inventory again as different huge tech firms have rebounded over the previous month.

The iPhone maker was the largest firm on this planet initially of Might, however since then, it’s fallen to 3rd, behind Microsoft Corp. and Nvidia Corp.

It underperformed once more Wednesday, falling in a broadly destructive session after OpenAI introduced the acquisition of a startup co-founded by Apple veteran Jony Ive that’s targeted on synthetic intelligence-fueled {hardware}. The prospect of shiny new alternate options to Apple’s units added to issues concerning the firm’s wrestle to compete within the AI arms race.

However a extra uncommon menace stems from Trump’s give attention to the corporate over its world manufacturing course of. Earlier this month, Trump stated he “had a little problem with Tim Cook,” and stated that he had requested Apple’s chief government officer to cease constructing vegetation in India.

“It’s a red flag for me that Trump continues to single out Apple and seems to have something against them,” stated Randy Hare, director of fairness analysis at Huntington Nationwide Financial institution. “It doesn’t mean that Trump is going to do anything more, but you can’t predict what’s going to happen, and that makes me cautious.”

Shares fell 0.5% on Thursday, on observe for his or her seventh straight destructive session.

Political threat has been a driver of markets total this yr, as seen in Wednesday’s inventory selloff over issues concerning the ballooning deficit, a difficulty that prompted Moody’s to downgrade the US credit standing. Traders are additionally monitoring the newest developments relating to the Trump administration’s signature tax invoice.

Apple’s destiny has been extra carefully tied to the commerce battle and it has prevented the worst-case state of affairs that appeared believable final month. Whereas shares noticed unimaginable tariff-related volatility and have lately been rangebound, the inventory continues to be up 16% from the low it hit after the tariffs had been first introduced in early April.

Not lengthy after, the Trump administration exempted key classes of electronics — together with smartphones and computer systems — from its so-called reciprocal tariffs, and the US and China agreed to quickly decrease tariffs on one another’s merchandise.

The CBOE Apple VIX, which tracks a market estimate of future volatility for the inventory, has fallen sharply since hitting a five-year excessive a month in the past.

Trump additionally praised Nvidia’s CEO for attending an funding discussion board in Saudi Arabia whereas noting that Cook dinner didn’t.

“Trump pointing out that Cook isn’t at some summit makes the hair on the back of my neck stand up,” stated Huntington Nationwide Financial institution’s Hare. “It doesn’t seem normal to me. Anyone who tells you they can quantify this risk is wrong.”

Resolving Trump’s issues round Apple’s overseas manufacturing could also be tough, given the near-impossibility of constructing iPhones and different {hardware} within the US, particularly within the quick time period.

Lamar Villere, companion and portfolio supervisor at Villere & Co. stated he thinks the issues concerning the threats from Trump could also be overblown.

“It gets a lot of attention from Trump, not all of it good, but I think investors are growing a callous to his complaints,” Villere stated. “It isn’t in any real trouble for not building in the US, and we’re not going to see legislation come out based on anger against one company.”

However the ire focused at Apple is just one of many geopolitical dangers that the corporate is dealing with from Trump’s insurance policies. Monetary outcomes launched earlier this month strengthened issues a couple of slowdown within the China market in addition to the impression of tariffs.

No less than two companies downgraded the inventory following the report, cementing its repute as one of many least-loved big-tech names. Additionally it is “the most under-owned mega cap tech stock,” in line with Morgan Stanley, which examined its common weight within the high 100 actively managed institutional portfolios and in contrast that to its weight within the S&P 500 index exiting the primary quarter of 2025.

The political uncertainty comes on high of different headwinds which have saved some buyers at bay, together with progress issues and a excessive a number of. Apple trades at 26.6 occasions estimated earnings, nicely above its 10-year common of 21. It additionally trades at a premium to megacap friends which might be anticipated to develop sooner this yr, regardless of its ongoing difficulties within the essential realm of synthetic intelligence.

To Huntington’s Hare, this can be a extra elementary difficulty than the political backdrop.

“We’re not sure how Apple is going to offer AI or when, and that lack of innovation or new products keeps us on the sidelines,” he stated. “It’s not growing the way it used to and the multiple continues to be on the high end of things. Those are good reasons to be underweight even before you get to the political climate.”

–With help from John Liu and Zheping Huang.

Extra tales like this can be found on bloomberg.com

©2025 Bloomberg L.P.

Initially Printed: Might 23, 2025 at 8:37 AM PDT

TAGGED:AppleBigCookDonaldproblemTimTrumps
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