Tech giant Apple is poised to announce a new investment of $100 billion in U.S. facilities as early as today, the White House said on Wednesday. President Donald Trump and Apple CEO Tim Cook appeared together at the White House to make the announcement.
According to a news release from Apple, the $100 billion represents “…a significant acceleration of its U.S. investment that now totals $600 billion over the next four years. Today’s announcement includes the ambitious new American Manufacturing Program (AMP), dedicated to bringing even more of Apple’s supply chain and advanced manufacturing to the U.S. Through AMP, Apple will increase its investment across America and incentivize global companies to manufacture even more critical components in the United States.”
Apple CEO Tim Cook said in the release, “Today, we’re proud to increase our investments across the United States to $600 billion over four years and launch our new American Manufacturing Program. This includes new and expanded work with 10 companies across America. They produce components that are used in Apple products sold all over the world, and we’re grateful to the President for his support.”
Earlier in the day, National Economic Council director Kevin Hassett said on FOX Business Network’s “Mornings with Maria” that companies are “moving here in droves, which is why we’ve got trillions and trillions of dollars of commitments for people to build new factories here. In fact, you’re likely to see one today from Apple.”
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“President Trump’s America First economic agenda has secured trillions of dollars in investments that support American jobs and bolster American businesses,” said White House spokesperson Taylor Rogers. “Today’s announcement with Apple is another win for our manufacturing industry that will simultaneously help reshore the production of critical components to protect America’s economic and national security.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 213.28 | +10.36 | +5.10% |
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Through the AMP, Apple plans to increase its investment in the U.S. and incentivize global firms to manufacture more critical components in the U.S.
The White House has touted Apple as supporting over 450,000 jobs through its network of thousands of suppliers and partners across all 50 states.
APPLE UNVEILS HISTORIC $500B INVESTMENT IN US MANUFACTURING, INNOVATION: ‘BULLISH ON THE FUTURE’
Earlier this year, Apple announced its $500 billion investment in U.S. manufacturing and innovation over the next five years.
The February announcement included the construction of an advanced artificial intelligence (AI) server manufacturing facility near Houston. It also included plans to double Apple’s Advanced Manufacturing Fund from $5 billion to $10 billion.
Apple also announced plans to establish an Apple Manufacturing Academy in Detroit, along with hiring 20,000 new employees with focuses on research and development (R&D), silicon engineering, AI and machine learning.
The California tech giant also said it planned to expand its teams and facilities in several states, including Michigan, Texas, California, Arizona, Nevada, Iowa, Oregon, North Carolina and Washington.
Fox News’ Jacqui Heinrich and Andrea Margolis contributed to this report.
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