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.

Global technology stocks advanced on Thursday in a relief rally after the latest tariff salvo from U.S. President Donald Trump largely exempted industry heavyweights from his threat to impose 100% levy on chips and semiconductors.