Apple stock gained 3.2% Thursday, a second day of solid gains, after President Trump said late Wednesday the iPhone maker and other tech companies could avoid 100% chip tariffs by [investing in U.S. m

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.

Donald Trump’s friend “Tim Apple” — that is, gay Apple CEO Tim Cook — presented the president with a gift made of glass and 24-karat gold Wednesday at the same White House press conference during which Trump announced that Cook’s company would be exempt from a steep new tariff.