Apple's $100 Billion U.S. Manufacturing Expansion and Its Implications for Supply Chain Partners

Apple's $100 billion American Manufacturing Program (AMP), announced in August 2025, marks a seismic shift in the tech giant's supply chain strategy. This expansion, part of a broader $600 billion U.S. investment over four years, is not merely a reshoring effort but a calculated move to secure critical components, reduce geopolitical risks, and align with the Biden administration's (and now Trump's) America First agenda. For investors, the AMP offers a rare opportunity to analyze how Apple's deepening partnerships with key suppliers could reshape the U.S. manufacturing landscape—and deliver outsized returns to those who recognize the strategic and financial stakes.

Strategic Partnerships: The Backbone of AMP

Apple's AMP is anchored by collaborations with nine major suppliers, each playing a pivotal role in its end-to-end silicon supply chain. These partners include Corning, Coherent, GlobalWafers America (GWA), Applied Materials, Texas Instruments (TI), Samsung, GlobalFoundries, Amkor, and Broadcom. Collectively, they span materials, wafer production, chip fabrication, and packaging—ensuring Apple's supply chain is both resilient and technologically superior.

1. Corning (GLW): The Glass Revolution
   Corning's Harrodsburg, Kentucky facility is now the sole producer of cover glass for Apple's iPhones and Apple Watches. This $2.5 billion expansion, including an Apple-Corning Innovation Center, ensures 100% U.S.-sourced glass for Apple's premium devices. Corning's workforce in Kentucky is expected to grow by 50%, signaling a long-term financial commitment from Apple. For investors, Corning's stock (GLW) has seen a 22% surge since the AMP announcement, reflecting renewed demand for its advanced materials.

1. Coherent (COHR): Powering Face ID
   Coherent's Sherman, Texas facility produces VCSEL lasers critical for Face ID and other biometric technologies. Apple's multiyear agreement with Coherent underscores its reliance on U.S.-made components for high-margin features. Coherent's revenue from Apple is projected to grow by 40% in 2025, driven by increased iPhone production and AI-driven sensor innovations.

2. GlobalWafers America (GWA): The Silicon Foundation
   GWA's 300mm wafers are the bedrock of U.S. semiconductor production, supplying TSMC in Arizona and TI in Texas. By sourcing silicon from U.S. partners like Corning's Hemlock Semiconductor, GWA is embedding itself in a vertically integrated supply chain. With Apple committing to 19 billion chips in 2025, GWA's role as a bottleneck supplier could drive margins higher.

3. Applied Materials (AMAT): Equipment and Innovation
   Applied Materials' Austin, Texas site is pivotal for producing cutting-edge semiconductor equipment. Apple's investment in AMAT's tools aligns with its push for advanced node manufacturing, a sector expected to grow 15% annually through 2030. AMAT's stock has outperformed the S&P 500 by 30% in 2025, reflecting its strategic position in the U.S. chip renaissance.

4. Samsung and GlobalFoundries: Advanced Chip Manufacturing
   Samsung's Austin, Texas fab and GlobalFoundries' Malta, New York facility are producing next-gen chips optimized for Apple's power and performance demands. These partnerships highlight Apple's willingness to collaborate with global leaders while ensuring U.S. production. Samsung's U.S. operations could see a 25% revenue boost from Apple in 2025, while GlobalFoundries' focus on 5G components positions it as a key player in the wireless semiconductor market.

5. Amkor and Broadcom: Packaging and Connectivity
   Amkor's Arizona facility, funded by Apple, is critical for packaging and testing chips produced at TSMC's Phoenix fab. Meanwhile, Broadcom's 5G components, manufactured in the U.S., are essential for Apple's connectivity roadmap. These partnerships ensure Apple's supply chain is not only localized but also vertically integrated, reducing reliance on third-party logistics.

Financial Exposure and Strategic Implications

Apple's AMP is not a one-time investment but a multiyear, multi-billion-dollar commitment. The financial exposure for suppliers is vast:
- TSMC's Arizona fab is projected to produce 19 billion chips for Apple in 2025, with Apple as its largest customer.
- Texas Instruments is expanding its Sherman and Lehi facilities, with Apple funding tool installations and wafer procurement.
- MP Materials' rare earth magnets, sourced in Texas and recycled in California, are part of Apple's sustainability push, adding a green-tech angle to its supply chain.

For investors, the AMP's success hinges on three factors: capacity expansion, technological differentiation, and geopolitical alignment. Suppliers that can scale production while maintaining quality (e.g., Corning, GWA) or innovate in niche areas (e.g., Coherent, Amkor) are best positioned to capitalize.

Investment Advice: Where to Allocate Capital

1. Long-Term Exposure to Corning and Applied Materials: These companies are foundational to Apple's glass and equipment needs. Their growth is tied to Apple's product cycles and AI-driven demand.
2. High-Growth Potential in GWA and Amkor: As bottlenecks in wafer production and packaging, these firms could see margin expansion and revenue growth.
3. Diversified Play via the S&P 500: While individual suppliers offer high returns, a broader index fund (e.g., SPY) captures the systemic benefits of Apple's U.S. manufacturing push.

Conclusion: A Win-Win for Apple and Its Partners

Apple's AMP is more than a supply chain overhaul—it's a strategic bet on U.S. manufacturing's future. For investors, the key is to identify suppliers that are not only integral to Apple's ecosystem but also capable of scaling with it. As the U.S. government incentivizes domestic production and Apple continues to prioritize innovation, the AMP represents a golden opportunity for those who can spot the next Corning or Applied Materials.