How much of Apple’s ‘$500 billion commitment to our country’s future’ is actually new?

There’s a note from a UBS analyst outlining that the firm is a “skeptic” because coming up with new funds to invest would mean increasing Apple’s balance sheet leverage or reducing the cadence of stock buybacks. Otherwise, despite accounting for “some new, incremental spending domestically,” the report finds that based on analysts’s existing projections, “Apple’s announced figure is in line with what one might expect the company to be spending anyway, given its financials.”