Apple announces $450M investment to power new Emergency SOS service on iPhone 14
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Apple (NASDAQ:AAPL) said on Thursday that it would spend $450M on U.S. infrastructure as the tech giant gets its Emergency SOS texting feature for the iPhone 14 off the ground.
Cupertino, California-based Apple (AAPL) said the "majority" of the money would go towards Globalstar (NYSE:GSAT), which operates the satellites that enable Apple's new feature, available on iPhone 14 models.
The money comes from Apple's (AAPL) Advanced Manufacturing Fund, which has been used to pay for products and services from U.S.-based companies, including Corning (GLW) and others.
Globalstar (GSAT) shares rose nearly 5% in premarket trading to $1.94, while Apple (AAPL) was fractionally higher.
âEmergency SOS via satellite is a perfect example of how American ingenuity and technology can save lives,â said Jeff Williams, Appleâs chief operating officer, in a statement. âWe are proud this service is enabled by leading US companies, and that our users can explore off-the-grid areas knowing they are still within reach of emergency services if they are in need.â
The new service will be available to U.S. and Canadian customers starting later this month. 
In September, Apple (AAPL) announced the new feature, which will let users who are out of range from cell towers, access the satellites by pointing the phone at a sky and connecting to one of Globalstar's (GSAT) satellites.
Apple (AAPL) said in September that the emergency service will be included free for two years.
Earlier this week, Morgan Stanley and UBS tweaked estimates related to the impact from China's COVID-19 lockdown in Zhengzhou, with Morgan Stanley saying an opportunity to "buy the dip" in Apple (AAPL) has emerged.