On Wednesday, Apple Inc. (AAPL) announced a new multiyear agreement with Broadcom Inc. (AVGO) valued at more than $30 billion to design and manufacture custom silicon components and advanced wireless connectivity technologies in the United States.

Broadcom To Produce More Than 15 Billion U.S.-Made Chips

The agreement, announced Wednesday, is expected to result in the production of more than 15 billion chips in the U.S. and support hundreds of American jobs. It also marks Apple's largest commitment to date under its American Manufacturing Program (AMP), which was launched to strengthen domestic chip production.

As part of the deal, Broadcom will invest $1.5 billion to expand and modernize its manufacturing facility in Fort Collins, Colorado. The site will produce advanced radio frequency components, including FBAR filters, along with next-generation wireless connectivity technologies used across Apple's product lineup.

CEO Tim Cook said the expanded partnership reinforces Apple's commitment to U.S. manufacturing and innovation while helping deliver advanced connectivity technologies for its devices.

Broadcom CEO Hock Tan said the investment will expand the company's manufacturing footprint in Colorado and reflects the two companies' long-standing partnership and shared focus on American innovation.

Part Of Apple's $600 Billion U.S. Investment Plan

The agreement is part of Apple's broader pledge to invest $600 billion in the U.S. economy over four years, supporting domestic manufacturing, job creation and technology development.

Apple Technical Analysis

Apple continues to trade in a solid long-term uptrend. The stock sits 13.8% above its 200-day simple moving average of $271.78 and 11.2% above its 100-day SMA of $277.98.

However, near-term momentum remains mixed. The 20-day SMA of $295.43 remains below the 50-day SMA of $295.82. This reflects a bearish crossover that could keep short-term rallies under pressure.

Momentum indicators are improving. The MACD remains above its signal line, while the positive histogram suggests buying momentum is gradually strengthening.

Immediate resistance stands at $317.50, near the stock's 52-week high of $317.40. Support is seen around $287.50, a key level where buyers have previously stepped in.

Apple Earnings And Analyst Outlook

Apple is scheduled to report quarterly earnings on July 30.

Wall Street expects earnings of $1.89 per share, up from $1.57 a year earlier, on revenue of $108.86 billion versus $94.04 billion last year.

The stock carries a consensus Buy rating with an average price forecast of $324.16. Recent analyst updates include:

• Evercore ISI: Reiterated an Outperform rating with a $365 price forecast on June 25.
• KGI Securities: Downgraded the stock to Hold with a $315 price forecast on June 22.
• Bank of America: Maintained a Buy rating with a $380 price forecast on June 18.

Apple Price Action

AAPL Price Action: Apple shares were trading at $310.30 at the time of publication on Wednesday. The stock is approaching its 52-week high of $317.39.