Shares of iPhone and iPad maker Apple (NASDAQ:AAPL) jumped 2.6% in the afternoon session after news broke about a major new partnership to upgrade the iPhone’s satellite features.

Amazon announced it is acquiring Globalstar, a satellite company that Apple already uses for emergency services. As part of this deal, Apple agreed to use Amazon’s advanced “Leo” satellite network to power future connectivity for iPhones and Apple Watches. Investors were excited because the partnership meant Apple would have faster and more reliable satellite technology than its competitors. This move strengthens Apple’s position in the growing market for space-based communication.

After the initial pop the shares cooled down to $265.82, up 2.7% from previous close.

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Apple’s shares are not very volatile and have only had 2 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

The previous big move we wrote about was 8 days ago when the stock dropped 3.8% on the news that reports surfaced that the company might face significant engineering delays for its highly anticipated foldable iPhone.

According to Nikkei Asia, technical setbacks during the early testing phase could push the release of the “iPhone Fold” back into 2027. At the same time, analysts from Evercore ISI reported a slowdown in App Store growth for March, particularly in the gaming category. Broader market conditions also contributed to the decline as geopolitical tensions involving Iran intensified. Investors grew nervous after President Trump set a strict deadline regarding the Strait of Hormuz, causing oil prices to surge. These rising energy costs renewed fears of high inflation and interest rates, which typically hurt large technology stocks.

Apple is down 1.9% since the beginning of the year, but at $265.82 per share, it is still trading close to its 52-week high of $286.19 from December 2025. Despite the year-to-date decline, investors who bought $1,000 worth of Apple’s shares 5 years ago would now be looking at an investment worth $1,976.

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