Apple itself isn't moving to Nevada, but the investment vehicle they just established is based in Reno. Braeburn Capital will benefit from favorable tax treatment in Nevada compared to California. It's interesting that the linked Businessweek article also points to Intel Capital as another example of corporate investment funds, interesting because Intel Capital like the newly formed Braeburn Capital is not based in California where their corporate headquarters are located, Intel Capital is a Cayman Islands entity.

Of course I want to be careful to point out that I fully endorse these strategies because the legal avoidance of taxes is a responsibility of management to the shareholders. Well run global companies take advantage of every opportunity possible to minimize their tax load and maximize their investment returns, and considering that California has the 9th highest total tax per capita load in the country, there are no doubt many options for smart companies to look out of state.