That’s not to say tariffs won’t hurt; CEO Tim Cook said tariffs will likely cost the company $1.1 billion this quarter. But analysts say Apple has bigger concerns, such as its future product strategy and approach to artificial intelligence, a burgeoning field that the tech behemoth is perceived to be behind in.

Apple commits an additional $100 billion to US manufacturing, raising its total to $600 billion over four years in a bid to ease tariffs and boost local production.

Apple is already spending more because of Trump’s tariffs. Last week, Cook said during an earnings call that the company has incurred roughly $800 million in tariff-related costs. Apple expects $1.1 billion in tariff-related costs in the fiscal fourth quarter ending in September.