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By Ainvest in unusual-options —

🛡️ AAPL Massive $15M Put Position - Institutions Hedging Before May Expiration! 💰

Daily block monitor analysis featuring institutional trading activity and market movements. Educational content for investment research purposes only.

🛡️ AAPL Massive $15M Put Position - Institutions Hedging Before May Expiration! 💰

📅 November 20, 2025 | 🔥 Unusual Activity Detected

🎯 The Quick Take

Someone just bought $15 MILLION worth of AAPL puts this morning at 09:54:28! This massive hedge purchased 10,000 contracts of $280 strike puts expiring May 15th, 2026 - protecting a huge position nearly 6 months out. With AAPL trading at $274.76 after its recent rally and facing major AI execution risks, smart money is buying long-dated insurance. Translation: Institutional investors are protecting against potential iPhone cycle disappointment, regulatory pressures, or broader market correction through mid-2026!

📊 Company Overview

Apple Inc. (AAPL) is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses:
- Market Cap: $3.97 Trillion (world's most valuable company)
- Industry: Electronic Computers
- Current Price: $274.76 (trading near highs)
- Primary Business: iPhone (majority of sales), Mac, iPad, Watch, Services ecosystem
- Employees: 166,000 worldwide

Apple's iPhone makes up a majority of firm sales, with other products like Mac, iPad, and Watch designed around iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications like streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC.

💰 The Option Flow Breakdown

The Tape (November 20, 2025 @ 09:54:28):

Time Symbol Side Buy/Sell Type Expiration Premium Strike Volume OI Size Spot Option Price Option Symbol
09:54:28 AAPL ASK BUY PUT 2026-05-15 $15M $280 10K 398 10,000 $274.76 $20.00 AAPL20260515P280

🤓 What This Actually Means

This is a long-term defensive hedge on a substantial AAPL position! Here's what went down:

  • 💸 Massive premium paid: $15M ($20.00 per contract × 10,000 contracts)
  • 🛡️ Protection strike: $280 provides modest 2% upside room before protection kicks in
  • ⏰ Strategic timing: 176 days (nearly 6 months) to expiration through May 15, 2026
  • 📊 Size matters: 10,000 contracts represents 1 million shares worth ~$275M
  • 🏦 Institutional insurance: This is sophisticated long-dated portfolio hedging
  • 📈 Existing OI: Only 398 open interest shows this is NEW positioning, not rolling

What's really happening here:

This trader likely holds a MASSIVE long position in AAPL stock or calls accumulated during recent rallies. Now, with AAPL facing multiple execution risks through mid-2026, they're paying $20.00 per share for May 15, 2026 $280 puts for insurance. The strike ABOVE current price ($280 vs $274.76 spot) is unusual - they're buying protection that starts in-the-money, suggesting serious concern about downside.

Key insight: The put strike at $280 when stock trades at $274.76 means they're protecting against the stock NEVER reaching $280 OR breaking down from current levels. This isn't "crash insurance" - it's protection against AAPL failing to rally further AND potentially declining significantly.

Unusual Score: 🔥 EXTREME (8.5/10) - 6,342x larger than average! This is UNPRECEDENTED - happens maybe once a year. Z-score of 298 means this is literally off-the-charts unusual. Only 8 larger trades in the past 30 days. This is the size of a small hedge fund position.

📈 Technical Setup / Chart Check-Up

YTD Performance Chart

AAPL YTD Performance

Apple has had a volatile but positive year. The chart shows strong recovery from earlier weakness, with the stock currently trading around $275 - well above the year's lows but facing key resistance levels ahead.

Key observations:
- 📈 Solid YTD gains: AAPL showing resilience despite multiple headwinds
- 💹 Recent consolidation: Stock trading in range after recent rally attempt
- 🎢 Volatility present: Multiple swing highs and lows throughout the year
- 📊 Key resistance ahead: $280 level (the put strike!) represents important technical barrier

Gamma Support & Resistance Levels

AAPL Gamma Support & Resistance

The gamma exposure chart reveals critical support and resistance zones where options dealers are positioned. Positive gamma zones (green) indicate price levels where dealers provide stability, while negative gamma zones (red) can accelerate price movements. The current positioning shows significant dealer hedging activity around key strike prices that align with this $280 put purchase.

Implied Move Analysis

AAPL Implied Move Analysis

The options market is pricing in significant movement potential for AAPL over the coming months. The implied move analysis shows where options traders expect the stock to trade, with the outer bands representing potential extremes. The $280 put strike selected by this institutional buyer sits at a critical level within these implied ranges, suggesting they're protecting against moves that the broader options market views as plausible.

🎪 Catalysts

🔥 Recent Catalysts (Already Happened)

Q4 2025 Earnings - Reported October 30, 2025 📊

Apple reported fiscal Q4 2025 results with quarterly revenue of $102.5 billion, up 8% year-over-year, and diluted earnings per share of $1.85, up 13% YoY on adjusted basis. For full fiscal year 2025, Apple achieved record results with $416.2 billion in sales and $112.0 billion in net income.

Key product performance:
- Services: Reached record $27.4 billion in Q3 2025, up 13% from year earlier
- iPhone: Growth driven by iPhone 17 launch in September 2025
- Mac: Growth driven by M5 chip launch in October 2025

Historic $4 Trillion Market Cap - Achieved October 28, 2025 🎉

Apple became the third company to cross $4 trillion market valuation on October 28, 2025, joining Nvidia and Microsoft, reflecting strong iPhone 17 sales momentum and market confidence in AI strategy execution.

iPhone 17 Launch - September 2025 📱

Apple announced the iPhone 17 lineup on September 9, 2025, with availability starting September 19. The launch features breakthrough capabilities including larger 6.3" OLED display with 120Hz ProMotion, 48MP camera system, A19 chip, and starting at $799 with 256GB minimum storage.

M5 Chip Ecosystem Launch - October 2025 💻

Apple unveiled the 14-inch MacBook Pro with M5 chip on October 15, 2025, representing "the next big leap in AI for the Mac" with up to 3.5x AI performance improvement and 24 hours of battery life.

🚀 Upcoming Catalysts (Next 6 Months - Through May 2026 Put Expiration)

Q1 2026 Fiscal Earnings - Expected Late January 2026 📊

Based on Apple's fiscal calendar, Q1 2026 earnings (covering October-December 2025 holiday quarter) will likely be announced in late January 2026. This represents the MOST CRITICAL catalyst as it will include:

  • iPhone 17 Holiday Sales: First full quarter of iPhone 17 sales including critical holiday shopping season
  • Apple Intelligence Adoption Metrics: Key data on AI feature usage and impact on device upgrades
  • Services Revenue Trajectory: Continuation of record services growth potentially exceeding $28 billion
  • China Market Performance: Critical assessment of whether Q2-Q3 2025 recovery sustained through holiday season
  • Tariff Impact Quantification: First full-quarter impact of 145% tariff regime on margins and pricing

Apple Intelligence Feature Expansion (December 2025 - May 2026) 🤖

Execution Risk: Survey data shows most iPhone users are not interested in Apple Intelligence features, and supply chain surveys indicate Apple Intelligence has not boosted iPhone replacement demand.

M5 Chip Ecosystem Expansion (Spring 2026) 🖥️

  • MacBook Air with M5: Planned for spring 2026
  • M5 Pro and M5 Max MacBook Pro: Expected early 2026
  • Mac Studio and Mac mini: M5 Pro/Max variants in development

WWDC 2026 (Expected June 2026) 🎪

While not yet announced, Apple's annual Worldwide Developers Conference typically occurs in early June. WWDC 2026 will likely feature iOS 27, iPadOS 27, macOS 27 announcements and further Apple Intelligence capabilities.

⚠️ Risk Catalysts (Negative - Why This Put Was Bought)

Regulatory & Legal Pressures Mounting ⚖️

Apple faces unprecedented regulatory assault that threatens its high-margin Services business:

Impact: Services contributes 25-30% of revenue but up to 50% of profit margin. Forced commission reductions could significantly compress overall profitability.

Tariff Pressures Crushing Margins 💰

Apple Intelligence Adoption Challenge 🤖

iPhone Shipment Headwinds 📱

Premium Market Share Erosion 🏆

  • Google Pixel Growth: Pixel emerged as fastest-growing premium brand in H1 2025 with 105% YoY growth, securing 5% premium market share
  • Share Decline: Apple premium market share fell from 65% to 62% in H1 2025
  • Huawei Resurgence: Commands 8% premium share globally and leads China market despite sanctions

🎲 Price Targets & Probabilities

Using the May 15, 2026 expiration timeframe and analyzing all catalysts:

📈 Bull Case (30% probability)

Target: $310-$330

How we get there:
- 💪 Q1 2026 holiday quarter crushes expectations with iPhone 17 sales exceeding forecasts
- 🚀 Services revenue maintains 13%+ growth trajectory, approaching $28B+ quarterly
- 🇨🇳 China market recovery proves sustainable through multiple quarters
- 🤖 Apple Intelligence adoption accelerates meaningfully by spring 2026
- 📊 M5 ecosystem drives Mac revenue surge and demonstrates AI computing leadership
- ⚖️ Regulatory headwinds resolve favorably or prove less damaging than feared
- 💼 "LLM Siri" preview generates massive excitement at WWDC 2026

Key metrics needed:
- Q1 2026 revenue exceeding $130B (vs $124.3B in Q1 2025)
- Services crossing $28B quarterly milestone
- iPhone unit sales beating Street by 5M+ units
- Gross margins stabilizing above 46% despite tariffs

Why only 30%: Requires perfect execution across ALL fronts while facing regulatory assault, tariff pressures, and AI adoption uncertainty. The $280 put strike suggests even the put buyer sees limited upside to $280+ levels.

🎯 Base Case (45% probability)

Target: $260-$285 range (CHOPPY CONSOLIDATION)

Most likely scenario:
- ✅ Q1 2026 earnings meet expectations but don't significantly exceed
- 📱 iPhone 17 sales solid but not spectacular - normal seasonal pattern
- ⚖️ Tariff headwinds offset by Services growth, margins compress slightly
- 🇨🇳 China shows improvement but sustainability questions remain
- 🤖 Apple Intelligence adoption gradual, not transformative
- 🔄 Stock consolidates in range as market awaits major catalysts (Siri upgrade, potential product launches)
- 📊 Valuation remains elevated but supported by Services momentum

This is what the put buyer expects: Stock fails to break meaningfully above $280 and potentially trades down toward $260-270 range. The $15M insurance premium protects against this consolidation/decline scenario while maintaining upside participation if wrong.

Why 45% probability: Most realistic scenario given current setup. Apple executing well but facing too many headwinds for explosive upside, yet fundamentals too strong for collapse.

📉 Bear Case (25% probability)

Target: $220-$260 (PUTS GO IN-THE-MONEY)

What could go wrong:
- 😰 Q1 2026 earnings disappoint on iPhone unit sales or weak guidance
- 🇨🇳 China market deteriorates again - Huawei competition intensifies
- ⚖️ Major regulatory ruling forces Apple to change App Store model, impacting Services revenue
- 💸 iPhone shipment estimates of 220-225M prove accurate, well below consensus
- 🤖 Apple Intelligence adoption remains weak, investors lose faith in AI strategy
- 💰 Tariff impact worsens, forcing price increases that hurt demand
- 📉 Broader market correction drags mega-caps lower
- 🛡️ Supply chain diversification encounters major quality/execution issues
- 🔨 Break below $260 triggers technical selling cascade

Critical support levels:
- 🛡️ $270: Psychological round number support
- 🛡️ $260: Major support level - break here accelerates downside
- 🛡️ $250: Deep support zone
- 🛡️ $240: Extended floor - disaster scenario

Put P&L in Bear Case:
- Stock at $240 on May 15: Puts worth $40.00, profit = $20.00/share × 10,000 = $20M gain (133% ROI!)
- Stock at $260 on May 15: Puts worth $20.00, breakeven = $0/share profit/loss
- Stock at $250 on May 15: Puts worth $30.00, profit = $10.00/share × 10,000 = $10M gain (67% ROI)
- Stock at $280+ on May 15: Puts expire worthless, loss = -$15M (100% loss of premium)

Why 25% probability: Requires multiple negative catalysts aligning. Apple's fundamentals remain solid with Services growth, installed base expansion, and capital allocation strength. However, the numerous execution risks and macro headwinds justify material downside probability through mid-2026.

💡 Trading Ideas

🛡️ Conservative: Take Profits and Reduce Exposure

Play: If you own AAPL, consider trimming 20-30% of position

Why this works:
- 📊 Stock near highs after solid rally - lock in gains
- ⏰ Significant event risk through May 2026: Q1 earnings, Apple Intelligence adoption, regulatory decisions, tariff developments
- 💸 $15M institutional put buy signals smart money is hedging aggressively
- 🎯 Creates cash for re-entry at better levels if pullback occurs
- 📉 Protects against potential 10-15% correction if multiple risks materialize

Action plan:
- 💰 Trim 20-30% of holdings at current levels ($270-280)
- 👀 Watch Q1 2026 earnings in late January closely
- 🎯 Look to re-enter on pullback to $250-260 range if fundamentals remain solid
- ✅ Maintain core position but take some risk off the table

Risk level: Minimal (reducing exposure) | Skill level: Beginner-friendly

Expected outcome: Lock in gains while maintaining exposure to upside. Create dry powder for better entry if market offers opportunity.

⚖️ Balanced: Mirror The Institutional Hedge

Play: Copy the institutional positioning with scaled-down version

Structure: Buy May 15, 2026 $280 puts - 1 put per 100 shares owned (or 1-2 puts if you own 200+ shares)

Why this works:
- 🤝 Exactly replicating what sophisticated institution just did
- 🛡️ Protects against downside through all major catalysts: Q1 earnings, Apple Intelligence rollout, regulatory developments
- ⏰ 176 days gives plenty of time for thesis to play out
- 📊 $280 strike provides protection at/above current levels
- 💡 Maintains full upside participation if Apple rallies
- 🎯 Insurance mentality: Pay premium for peace of mind

Estimated cost:
- 💰 ~$20.00 per contract (same as institutional trade)
- 📊 For 100 shares: $2,000 insurance cost (7.3% of position value)
- 📈 If AAPL drops to $240: Put worth $40, gain = $2,000 (100% ROI), offsetting $3,476 stock loss
- 📉 If AAPL stays $275+: Lose $2,000 premium but stock holds value

Position sizing:
- Own 100 shares? Buy 1 put
- Own 200-500 shares? Buy 2-3 puts
- Own 1,000+ shares? Consider 5-10 puts

Risk level: Moderate (defined cost, defensive) | Skill level: Intermediate

This is portfolio insurance, not speculation. You're betting AGAINST yourself - if AAPL rallies, you lose premium but make money on shares. If AAPL drops, puts offset losses.

🚀 Aggressive: Bearish Put Spread (DIRECTIONAL SPECULATION)

Play: Bet on downside through May 2026 using put spread

Structure:
- Buy AAPL May 15, 2026 $270 puts
- Sell AAPL May 15, 2026 $250 puts

Why this could work:
- 💸 Cheaper than buying puts outright - net debit ~$8-10 per spread
- 📊 Defined risk: Max loss = premium paid (~$800-1,000 per spread)
- 🎯 Targets 10-15% downside scenario through confluence of risks
- ⚖️ Regulatory pressures, tariff impact, AI adoption failure could all trigger decline
- 📱 iPhone shipment estimates of 220-225M well below consensus suggests fundamental weakness
- 🇨🇳 China market fragility adds downside catalyst potential

Estimated P&L:
- 💰 Pay ~$8-10 net debit per spread
- 📈 Max profit: $1,000-1,200 if AAPL below $250 at May expiration (100%+ ROI)
- 📉 Max loss: $800-1,000 if AAPL above $270 (defined and limited)
- 🎯 Breakeven: ~$260-262
- 📊 Risk/Reward: ~1:1 to 1.2:1 - acceptable for defined-risk bearish speculation

Why this could blow up:
- 🚀 Apple executes flawlessly across all fronts - stock rallies to $300+
- ✅ Q1 earnings crush, China recovery sustains, regulatory issues resolve
- 🤖 Apple Intelligence adoption surprises positively
- 💪 Services momentum accelerates beyond expectations
- 📈 If AAPL above $270 at expiration, lose entire premium

Position sizing: Risk only 2-5% of portfolio maximum

Risk level: Moderate-High (directional bet against mega-cap) | Skill level: Intermediate-Advanced

CRITICAL WARNING:
- ⚠️ This is betting AGAINST one of the world's strongest companies
- ⚠️ Apple has massive cash flow, best-in-class management, loyal customer base
- ⚠️ Historically, betting against Apple long-term has been poor strategy
- ⚠️ Only make this trade if you genuinely believe multiple risks will materialize
- ⚠️ Consider this speculation, not investing

⚠️ Risk Factors

Don't get caught by these potential landmines:

  • ⏰ Multiple binary catalysts through May 2026: Q1 2026 earnings (late January), Apple Intelligence language rollouts, WWDC 2026, potential regulatory rulings, tariff policy changes. Each event could trigger 5-10% moves either direction. Six months of uncertainty is a LONG time.

  • 💸 Regulatory threats to Services cash cow: Services contributes 25-30% of revenue but up to 50% of profit margin. €500M EU fine already levied, €13B tax bill finalized, DOJ antitrust case threatening business model breakup. Forced App Store commission reductions could materially compress overall profitability. This is existential risk to valuation.

  • 🇨🇳 China market fragility despite recent recovery: 11% revenue drop in Q1 2025 before improvement. Apple holds only 15% market share with Huawei launching Mate 70 and Xiaomi intensifying competition. One bad quarter or consumer spending weakness could reverse sentiment violently. China represents Apple's third-largest market - cannot be ignored.

  • 💰 Tariff impact accelerating margin compression: 145% cumulative tariff rate on China-manufactured products with $1.1B quarterly impact. Q3 2025 saw 140-basis-point margin drop. Supply chain diversification to India/Vietnam/U.S. faces quality control and execution risks. 90% of iPhones still assembled in China - massive structural exposure.

  • 🤖 Apple Intelligence adoption failure risk: Survey data shows most users not interested in AI features, supply chain indicates no boost to replacement demand. If AI strategy - the centerpiece of growth narrative - fails to drive upgrades, what's the bull case? Siri overhaul delayed to 2026 with internal doubts about quality.

  • 📱 iPhone shipment estimates dramatically below consensus: Analyst projections of 220-225 million units for 2025 vs Street consensus 240+ million represents massive expectation gap. If realized, would force major earnings revisions and multiple contraction. H1 2025 projected to decline 6% YoY.

  • 🐋 $15M institutional protection at unprecedented scale: The 6,342x average size unusual score (Z-score 298) signals this isn't routine hedging. When sophisticated institution managing hundreds of millions pays $15M for 6-month protection rather than staying fully long, it's a major red flag. They see material probability of AAPL trading below $260-270 through May 2026.

  • 🏆 Premium smartphone market share erosion accelerating: Apple fell from 65% to 62% premium market share in H1 2025, while Google Pixel surged 105% YoY to capture 5% share. Samsung maintains 20% share, Huawei has 8% globally. Competitive intensity rising, not declining.

  • 📊 Unusual strike selection signals concern: The $280 put strike ABOVE current $274.76 price is highly unusual. Typically protective puts are bought 5-10% out-of-the-money. Starting with in-the-money protection suggests the buyer expects AAPL will NOT rally to $280+ AND faces significant downside risk. This is defensive positioning at its most extreme.

  • 💼 Extended timeframe amplifies uncertainty: 176 days to May 15, 2026 expiration encompasses enormous uncertainty. Two earnings reports (Q1 and Q4 2026), multiple product launches, regulatory decisions, macroeconomic shifts, Federal Reserve policy changes, geopolitical developments. Long-dated options are expensive for a reason - anything can happen over 6 months.

🎯 The Bottom Line

Real talk: Someone just spent $15 MILLION buying 6-month put protection on AAPL at unprecedented scale (6,342x average trade size). This isn't a bearish bet on Apple's demise - it's sophisticated risk management by an institution that's made massive money during Apple's success but sees REAL threats emerging over the next six months.

What this trade tells us:

  • 🎯 Sophisticated player expects potential volatility and downside through May 2026
  • 💰 They're concerned enough about $275→$260 move to pay $20/share for insurance (7.3% of stock price!)
  • ⚖️ The $280 strike above current price shows they don't expect meaningful upside AND see downside risk
  • 📊 Six-month timeframe captures all major catalysts: Q1 earnings, Apple Intelligence adoption data, regulatory decisions, tariff developments
  • ⏰ They positioned BEFORE year-end rally attempts and holiday earnings - getting protection early

The institutional buyer is protecting against:
- Q1 2026 earnings disappointment on iPhone units or China weakness
- Apple Intelligence adoption failure becoming undeniable by spring 2026
- Major regulatory ruling forcing App Store changes (DOJ case, EU enforcement)
- Tariff impact accelerating margin compression beyond current estimates
- Broader market correction dragging mega-caps lower
- Multiple smaller issues compounding into 15-25% drawdown

This is NOT a "sell everything" signal - it's a "manage risk prudently" signal.

If you own AAPL:
- ✅ Consider trimming 20-30% at $270-280 levels to lock in gains and reduce exposure
- 📊 If holding through May 2026, consider buying 1-2 protective puts per 200-300 shares owned
- ⏰ Set mental stops at $260 (10% below highs) to protect capital if multiple risks materialize
- 🎯 If AAPL breaks above $290-300 on strong fundamentals, can re-add trimmed shares
- 🛡️ Don't get complacent just because "it's Apple" - even great companies face difficult periods

If you're watching from sidelines:
- ⏰ Late January 2026 Q1 fiscal earnings is critical inflection point - wait for clarity
- 🎯 Pullback to $250-260 would offer much better risk/reward entry (10-15% below current)
- 📈 Need confirmation of: iPhone 17 momentum sustained, Services growth continuing, China stabilized, Apple Intelligence showing traction
- 🚀 Longer-term (12-18 months), Siri AI upgrade, potential foldable iPhone, services milestone are legitimate catalysts
- ⚠️ Current setup offers limited margin of safety given multiple execution risks

If you're bearish:
- 🎯 Consider put spreads ($270/$250) rather than outright shorts to define risk
- 📊 First major support at $260-265, deeper support at $250, extended floor at $240
- ⚠️ Fighting one of world's strongest companies is dangerous - only bet on downside if you have strong conviction in multiple risks materializing
- 📉 Watch for break below $265 as trigger for potential cascade to $250-260 zone
- ⏰ Timing matters: Premature bearish bets risk getting steamrolled by year-end rally

Mark your calendar - Key dates through May 2026 expiration:
- 📅 Late January 2026 - Q1 FY2026 earnings report (THE critical catalyst)
- 📅 December 2025 through February 2026 - Apple Intelligence additional language rollouts
- 📅 Spring 2026 (March-May) - MacBook Air with M5 launch expected
- 📅 May 15, 2026 - Put expiration date, also near expected Q3 FY2026 earnings
- 📅 June 2026 (expected) - WWDC 2026 with iOS 27, potential Siri AI preview

Final verdict: Apple remains one of the world's highest-quality companies with dominant ecosystem, world-class management, and fortress balance sheet. BUT, over the next 6 months, the company faces a perfect storm of challenges: regulatory assault on Services, tariff margin compression, AI adoption uncertainty, China fragility, and competitive intensity. The $15M institutional put purchase at 6,342x average size is a clear signal that smart money sees material risk through mid-2026.

This doesn't mean AAPL crashes. It means the risk/reward has shifted from "buy and hold forever" to "manage risk actively." Take some profits. Consider insurance. Set stops. Be patient. Better entry points will likely emerge over the next 3-6 months as uncertainty resolves.

Apple will be fine long-term. But over the next six months? That's what $15 million in put protection is designed to handle. 💪

Disclaimer: Options trading involves substantial risk of loss and is not suitable for all investors. This analysis is for educational purposes only and not financial advice. Past performance doesn't guarantee future results. The 6,342x unusual score (8.5/10, Z-score 298) reflects this specific trade's unprecedented size relative to recent AAPL history - it does not imply the trade will be profitable or that you should follow it. Always do your own research and consider consulting a licensed financial advisor before trading. The institutional put buyer may have complex portfolio hedging needs, tax considerations, or risk management requirements not applicable to retail investors. Long-dated options involve significant time value decay and multiple catalysts that can impact value.

About Apple Inc.: Apple is among the largest companies in the world, with a $3.97 trillion market cap, offering a broad portfolio of hardware and software products (iPhone, Mac, iPad, Watch, Services) targeted at consumers and businesses in the Electronic Computers industry. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build products and chips.

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